Oil prices plunged more than eight per cent Tuesday on lower demand expectations with nearly 30 million people under Covid lockdown in key consumer China.
Crude futures slumped under $100 per barrel just a week after benchmark contract Brent North Sea soared to a 14-year high close to $140 following Russia’s invasion of Ukraine.
Equity markets also slumped Tuesday, with tech firms leading the collapse following the Covid shutdown of China’s tech hub Shenzhen
Global stock markets have been in a spiral since Russian troops marched into Ukraine, leading international powers to impose crippling sanctions on the country and numerous companies to pull out.
The UK government on Tuesday imposed an additional 35-per cent import tariff on a swathe of Russian goods, including vodka, and banned exports of luxury products