Oil prices slump on gloomy economic outlook ...News

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Oil prices slump on gloomy economic outlook
Covid in China and a dire warning from the IMF are driving crude down Oil prices continued to slide on Wednesday, weighed down by China’s rising Covid cases and a recession warning from the International Monetary Fund. Brent crude futures for the March contract had fallen to $79.26 a barrel, a 3.4% loss, as of 12:41 GMT. WTI, the American benchmark, was down over 3.2%, falling to $74.47 per barrel. On Tuesday, both benchmarks plunged more than 4%. The number of Covid-19 cases has surged in mainland China over the past few days, triggering fears of more disruption for an economy already weakened by nearly three y

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