- U.S. manufacturing contracts, prices decline in Dec -ISM
- China COVID data shows under-reported deaths, WHO says
NEW YORK, Jan 4 (Reuters) – Oil fell by more than $4 a barrel on Wednesday, posting the steepest percentage loss in the first two trading days of any year for over 3 decades, as investors worried about fuel demand as the global economy slows and COVID-19 cases grow in China.
Brent futures settled at $77.84 a barrel, falling $4.26, or 5.2%. U.S. crude settled at $72.84 a barrel, shedding $4.09, or 5.3%.
Brent has fallen by about 9.4% this week, its steepest two-day loss at the start of the year since January 1991, according to Refinitiv Eikon data.
“Crude oil is trading lower on concerns around China COVID-19 and the Fed forcing a global recession… both demand destruction events,” said Bob Yawger, director of energy futures at Mizuho in New York.
Data from China showed that…
