Oil prices tumbled today, sinking more than 4% as the New Year gets off to a rocky start. The Chinese government has raised export quotas for refined oil products in the first batch for 2023. This was attributed to expectations of poor domestic demand. Making matters worse the IMF is presenting a gloomy outlook for the US EU and China, saying all economies are slowing simultaneously. “There is plenty of reason for concerns here – the China COVID-19 situation and the fear of recession in the foreseeable future is putting pressure on markets,” Mizuho analyst Robert Yawger said. Today was the largest one day rise in the USD in over 2 weeks. WTI traded down $3.33 or 4.1% to close at $76.93. Brent traded down $3.81 or -4.4% to close at $82.10.