Oil prices plunge on China lockdowns, stocks diverge

Concerns about China's economic outlook put oil prices under additional selling pressure

Concerns about China's economic outlook put oil prices under additional selling pressure

Oil prices plunged on Tuesday as major crude consumer China placed nearly 30 million people under Covid lockdown and traders tracked the latest developments in Ukraine and Iran nuclear talks.

Analysts said the oil market reacted to the lockdowns in China as well as hopes of an Iran nuclear deal and easing concerns of a Russian crude supply crunch.

Originally published as Oil prices plunge on China lockdowns, stocks diverge