US oil price sinks 5% on demand concerns


U.S. crude oil prices briefly sank more than five percent on Wednesday, weighed down by demand fears linked to disappointing U.S. data and surging Chinese Covid infections.

The main U.S. oil contract, West Texas Intermediate, later stood at $77.32 per barrel, down 4.5 percent. Europe's Brent North Sea crude shed 4.3 percent to $84.53.

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