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Oil prices plunge on China lockdowns, stocks waver

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Concerns about China’s economic outlook put oil prices under additional selling pressure

Oil prices plunged Tuesday as major crude consumer and global economic engine China placed nearly 30 million people under Covid lockdown.

While the drop in oil prices could ease inflation concerns, analysts warned that the lockdowns in China could worsen a global supply-chain crisis that has played a major role in driving up prices.



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