The prices of oil futures tumbled on Tuesday as demand fears continued to bite. A new wave of pessimism hit the crude market following the release of China's manufacturing PMI, with the figure deteriorating further in December 2022 and the global economic prospects remaining bleak.
Although the most recent relaxation of COVID-19 measures in China was aimed at boosting the country's economy, many showed concerns that the step might actually cause a "bushfire" of virus cases, which would then have an opposite effect.
West Texas Intermediate (WTI) for settlements in February 2023 slid 1.05% to sell for $79.39 per barrel at 6:24 am ET, while Brent for deliveries in March also lost 1.05% to go for $85.01 per barrel at the same time.
