Oil prices plunged by more than $5 a barrel on Wednesday over concerns that sharp increases in borrowing costs caused by higher interest rates could dent economic growth.
Brent crude, the global benchmark, settled $5.11 a barrel, or 5.6 per cent, lower at $85.81 a barrel after its biggest one-day drop since August 2022. West Texas Intermediate, the US marker, fell 5.6 per cent to $84.22.
The sudden decline surprised investors, who just last week saw prices come close to $100 a barrel on robust global demand and Saudi Arabia and Russia’s decision to extend oil production cuts to the end of 2023.
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