Oil Prices Drop Over China And Global Economy Concerns

Bloomberg: Oil’s New Year Slump Deepens Below $75 as China Concerns Grow 

 (Bloomberg) -- Oil’s rough start to the year worsened as a deteriorating demand outlook came to the fore, buttressed by China’s near-term struggles with Covid-19, milder winter weather and US refinery disruption. 

West Texas Intermediate fell as much as 3.5% to below $75 a barrel after posting a 4.2% drop on Tuesday, the most since November. Brent, the global benchmark, slid below $80 on Wednesday. 

A rising death toll in China following the swift easing of virus curbs is overwhelming crematoriums, and there are warnings of more casualties heading into the Lunar New Year. 

Above-average temperatures in the US and Europe, meanwhile, are easing fears of an energy crunch.  

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Update #1: Oil dives 4%, trade choppy on worries about China, global economy (Reuters).  

Update #2: Oil Prices Plunge Below $80 As Near-Term Demand Worries Grow (OilPrice.com)  

WNU Editor: This is a short term drop. The 2023 forecast for oil prices is to continue to rise .... UBS sees oil prices topping $100 per barrel this year (UPI).

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