Oil tumbles over 5% to trade at lowest since January

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Oil futures extended a drop Monday amid worries over China’s COVID-19 lockdowns, recession worries and a sharply higher U.S. dollar. West Texas Intermediate crude for December delivery CL.1, -5.84% CLZ22, -5.84% fell $4.58, or 5.7%, to $75.50 a barrel on the New York Mercantile Exchange, while the most actively traded January contract CL00, -5.92% CLF23, -5.92% shed $4.28, or 5.3%, to $75.83 a barrel. WTI traded at its lowest since January for both the front-month and most-active contracts.

This article was originally published by Marketwatch.com. Read the original article here.

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