Oil sinks over 8% in 2 days to below $79, biggest one-day loss in 3 months

Oil fell sharply on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy and China’s rising Covid cases.

Brent futures fell $3.70 to $78.40 a barrel, a 2.9 per cent loss. US crude dropped 3.5 per cent, to $73.36 per barrel. Both benchmarks plunged more than 4 per cent on Tuesday, with Brent suffering its biggest one-day loss in more than three months.

“Worries about the state of the global economy are front and centre of traders’ minds and will remain so for