Oil fell to 2022’s lows as investors fret about uncertain economic outlook

International benchmarks for crude oil fell sharply on Tuesday, 6 December 2022 in a frenzied sell-off as investors fled the market fearing the uncertain economic outlook. The service sector in China hit a six-month low while the European economies have been hit hard by surging energy costs and rising interest rates.

Brent dived $3.33 or 4% to close at $79.35/barrel. This is the second time this year Brent settled below the $80/barrel mark.

WTI fell $2.68 or 3.5% to close at $74.25/barrel – the lowest level this year.