Brent Oil Tumbles Below $70 as Oversupply Fears Deepen Rout
- China’s weak import data add to concerns about demand
- US benchmark WTI tumbles to lowest close since December 2021
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Brent futures dropped below $70 a barrel for the first time in more than two years, a fresh leg lower in a price slump spurred by robust supplies, demand concerns and rampant speculative selling.
The global benchmark fell 3.7% to settle at $69.19 a barrel while West Texas Intermediate crude slid 4.3% to settle at $65.75 a barrel, the lowest closing prices for both grades since December 2021.