Concerns about China’s economy have dulled the outlook for energy demand — contributing to a drop in U.S. and global oil prices to their lowest levels in over two years on Tuesday, while exacerbating U.

WTI oil has an American Petroleum Institute gravity of 39.6 degrees, considered “light.” WTI also has a sulfur content of just 0.24%, making it very “sweet.” WTI crude oil is typically the benchmark for U.S. oil prices in the trading world.

Crude oil prices hit multi-year lows as hedge funds reduce bullish bets to record lows amid ongoing supply disruptions and OPEC+ struggles to stabilize the market.

The Brent/WTI spread has historically ranged between $4/bbl and $8/bbl, but it can expand or contract based on factors related to U.S. and international supply and demand conditions. For example, the Brent/WTI spread hit nearly $14/bbl in April 2011 when protests sparked market fears of significant oil supply disruptions in the Middle East.

Brent crude has hit its lowest level since December 2021. Time for a recap… Fears of weakening economic demand have hit the oil price today. UK wage growth slowed in the last quarter, as the labour market softened,

By Georgina McCartney HOUSTON (Reuters) -Brent crude futures fell below $70 a barrel on Tuesday for the first time since December 2021, after OPEC+ revised down its demand forecast for this year and 2025.

J OHANNESBURG - Prices for brent crude oil that South Africa imports for fuel have dropped below 70 dollars per barrel for the first time in 2.5 years. READ: Gold hits record high