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NEW YORK, Jan 4 (Reuters) – Oil fell by more than $3 a barrel 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 $3.53 to $78.57 a barrel for a 4.3% loss by 11:39 a.m. EST
(1639 GMT)
. U.S. crude dropped $3.37, or 4.4%, to $73.56.
Both benchmarks also plunged more than 4% on Tuesday, with Brent posting its biggest daily decline in more than three months.
“Worries about the state of the global economy are front and center of traders’ minds and will remain so for the foreseeable future,” said PVM Oil analyst Stephen Brennock.
The head of the International Monetary Fund warned that much of the global economy would face a tough year in 2023 because activity was weakening in all three main engines of…
