Oil prices sink more than 1% amid global market plunge, US output spree
Brent crude oil futures were at $66.88 per barrel at 0236 GMT, down 74 cents, or 1.1 percent, from the previous close and more than $4 below their high point for 2018, hit last month.
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“Suddenly, inflation has become one of the most-talked-about issues in markets,” U.S. bank J.P. Morgan said in a note to clients.
However, the correction in oil is more than a reaction to a sell-off in financial markets.