Oil Plunges After Torrid Rally as China Holds Back New Stimulus
- Drop snaps five sessions of gains amid escalating war risk
- Traders continue to monitor developments in the Middle East
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Oil plunged as China’s top economic planner ended a highly anticipated briefing on Tuesday without new stimulus measures, sparking a risk-off mood across markets.
Global benchmark Brent crude and US benchmark West Texas Intermediate both lost 4.6%, snapping five-session rallies. China’s National Development and Reform Commission said it’s confident the country will reach its economic targets this year, but the lack of new spending disappointed investors.