Oil plunged back below $100 a barrel as storm clouds gathered over the global economy.
Brent crude fell as much as 7.5 per cent to a low of $97.44 a barrel, its lowest for nearly three weeks.
Motoring groups called for prices at the pumps to follow suit after the cost of filling a family car topped £90 for the first time.
Brent crude fell as much as 7.5% to a low of $97.44 a barrel, its lowest for nearly three weeks. Motoring groups called for prices at the pumps to follow suit
RAC spokesman Simon Williams said: ‘It’s now vital that the biggest retailers who buy fuel most often start to reflect these reductions at the pumps to give drivers a much-needed break from the pain of constantly rising prices.’
Crude hit a 14-year high of $139 a barrel last week on fears that the war in Ukraine and sanctions on Russia would hit supplies.
Now, rising Covid cases in China possibly leading to prolonged lockdowns, damaging the global economy and hitting demand for oil are a concern.
‘China’s economy could be severely hit again,’ say analysts at Japanese investment bank Nomura. ‘We believe China’s 5.5 per cent growth target this year is becoming increasingly unrealistic.’
War has also revived worries in Washington over Beijing’s alignment with Moscow, with the US warning of isolation and penalties for China if it assists Russia.
- Nickel trading will resume at the London Metal Exchange today having been suspended last week after more than doubling in a single day to over $100,000 a ton.
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