New York January 4 2023: Oil prices tumbled 4% in volatile trade on Tuesday, pressured by weak demand data from China, a gloomy economic outlook and a stronger U.S. dollar.
Brent futures for March delivery fell $3.81, or 4.4%, to $82.10 a barrel, the largest daily decline in more than three months.
U.S. crude fell $3.33 to $76.93 per barrel, a 4.1% loss, its biggest fall in more than a month. Both benchmarks had risen $1 a barrel early in the session.
The Chinese government raised export quotas for refined oil products in the first batch for 2023. Traders attributed the increase to expectations of poor domestic demand as the world's largest crude importer continues to battle waves of infections.