Oil prices plunge as banking fears outweigh China demand hopes – The National

Oil prices plunge as banking fears outweigh China demand hopes – The National

Oil prices extended their losses on Wednesday as uncertainty over Swiss bank Credit Suisse triggered a broad sell-off in global financial markets, offsetting hopes of a fuel demand recovery in China.

After rising more than 1 per cent in the morning, Brent, the benchmark for two thirds of the world’s oil, was trading 6.74 per cent lower at $72.23 a barrel as of 9.23pm UAE time.

West Texas Intermediate, the gauge that tracks US crude, was down 7.14 per cent at $66.24 a barrel.