London January 4 2023: Oil fell sharply on Wednesday after slumping in the previous session, weighed down by demand concerns stemming from the state of the global economy and rising COVID cases in China.
Brent futures fell $4.09 to $78.01 a barrel for a 4.98% loss by 1452 GMT. U.S. crude dropped $3.93, or 5.11%, to $73.00.
Both benchmarks plunged more than 4% on Tuesday, with Brent suffering its biggest one-day decline in more than three months.
Top oil exporter Saudi Arabia could cut prices for its flagship Arab Light crude grade to Asia in February, having been set at a 10-month low for this month, as concern about oversupply continued to cloud the market.
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