Oil plunges over 7% on easing supply concerns, China COVID cases | Reuters
Oil prices tumbled more than 7% to their lowest in almost three weeks on Tuesday as supply disruption fears eased and surging COVID-19 cases in China spurred demand concerns.
Brent futures fell $7.89, or 7.4%, to $99.01 a barrel by 11:51 a.m. EDT (1551 GMT), while U.S. West Texas Intermediate (WTI) crude dropped $8.11, or 7.9%, to $94.90 a barrel.
Brent fell as low as $97.44 and WTI hit $93.54, their lowest since Feb. 25.
Both contracts moved the closest to oversold territory since December. They had been in overbought conditions as recently as early March, when the benchmarks reached 14-year highs after Russia's invasion of Ukraine. Since then, Brent has lost about $40 and WTI has fallen by more than $30.
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