Crude prices extended losses from a day earlier, diving around five percent over concern about demand in the world's biggest oil importer China as it sees a steep rise in COVID infections in the country.
NEW YORK - Global oil prices plunged Wednesday over China demand concerns and European gas prices sank to their lowest levels since November 2021 as mild winter weather reduced needs.
Analysts also pointed to the mild European winter and a pick-up in the dollar that makes crude more expensive for holders of other currencies. The benchmark European contract - Dutch TTF gas future for the coming month - dropped 9.3% to 65.59 euros at around 1620 GMT, extending losses since the beginning of the week.European stocks built on a rally from a day earlier, with Paris and Frankfurt closing more than two percent higher following drops in government bond yields, the fall in gas prices and data showing German and French inflation slowing down.Gold prices reached the highest level since June, at $1,865.
While the Fed stressed its commitment to fighting inflation in the latest minutes, US markets shrugged off the messaging to break a brief losing streak.Looking ahead, investors await key employment data this week expected to give clues on where monetary policy may be headed.
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