Oil Falls Again as Concerns Grow Over Global Economy, China COVID-19 Cases

The crude oil tanker RN Polaris and a bulk carrier sail in Nakhodka Bay near the port city of Nakhodka, Russia, on Dec. 4, 2022. Tatiana Meel/Reuters

LONDON—Oil fell sharply on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy and China’s rising COVID-19 cases.

Brent futures fell $1.88 to $80.22 a barrel, a 2.3 percent loss, by 1032 GMT. U.S. crude dropped $1.68, or 2.2 percent, to $75.25 per barrel.