Oil prices were lower again today, sinking more than $4 a barrel. Brent is down 9.4% in two days this week, its steepest two-day drop since 1991. “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. US manufacturing contracted again in December. At the same time, a survey from the U.S. Labor Department showed job openings fell less than expected, raising concerns that the Federal Reserve would use the tight labor market as a reason to keep rates higher for longer. WTI traded down $4.09 or -5.3% to close at $72.94. Brent traded down $4.26 or -5.2% to close at $77.84.

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