Oil prices sank today, with Brent settling below $90 for the first time since the war in Ukraine. China’s weak economic data and stringent zero-COVID policy added to demand concerns. Its crude oil imports in August fell 9.4% from a year earlier, customs data showed. More rate hikes are coming, with the ECB set to hike interest rates sharply on Thursday. Canada (expectedly) raised its rates to 14-year highs today and The Fed is expected to follow raise by another 50bps when it meets Sept 21. “Right now the market is basing its concerns about what will happen due to sharply higher energy prices in Europe, slowing demand in Europe, and interest rates rising,” said Phil Flynn, an analyst at Price Futures Group. With the way this market is trading, all eyes are on tomorrow’s inventory report. WTI traded down $4.94 or -5.7% to close at $81.94. Brent traded down $4.83 or -5.04% to close at $87.79.