The price of oil has tumbled out of its year-long trading range as investors grow increasingly nervous about the impact of a slowdown in the world’s largest economies on the demand for crude.
Brent crude, which had traded between around $73 and $92 since October last year, fell as low as $68.68 on Tuesday, its lowest level since December 2021.
That came as a report showed Chinese oil imports are still below last year’s levels, adding to growing concerns about the strength of global demand.
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