Global oil prices plunged around five percent on Wednesday over demand concerns in the world’s biggest importer China, amid a steep rise in Covid infections in the country.
At around 1600 GMT, a barrel of WTI for delivery in February was down 4.9 percent at $73.15 a barrel, and the main European contract, Brent for delivery in March, was 4.9 percent lower at $78.11.
