- January 5, 2023
- Posted by: Stratford Team
- Category: Economy
- U.S. manufacturing contracts, prices decline in Dec -ISM
- China COVID data shows under-reported deaths, WHO says
NEW YORK, Jan 4 (Reuters) – Oil fell by more than $4 a barrel on Wednesday, posting the steepest percentage loss in the first two trading days of any year for over 3 decades, as investors worried about fuel demand as the global economy slows and COVID-19 cases grow in China.
Brent futures settled at $77.84 a barrel, falling $4.26, or 5.2%. U.S. crude settled at $72.84 a barrel, shedding $4.09, or 5.3%.
Brent has fallen by about 9.4% this week, its steepest two-day loss at the start of the year since January 1991, according to Refinitiv Eikon data.
“Crude oil is trading lower on concerns around China COVID-19 and the Fed forcing a global recession… both demand destruction events,” said Bob Yawger, director of energy futures at Mizuho in New York.
Data from China showed that while no new coronavirus variant has been found there, the country has…
