Oil Slumps Below $85 for First Time Since January on Demand Fear
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Oil tumbled to the lowest since January as a dollar surge and global demand concerns weigh on prices despite the threat of disruption to Russian supplies.
US benchmark West Texas Intermediate sank below $85 while the global Brent benchmark fell below $90. A dollar gauge reached an all-time high on Wednesday, offering a macro headwind at a time when the oil market is grappling with potential slowing demand in China.