Oil prices dive sharply as US data shows weak demand

Oil prices dropped more than 4% on Wednesday due to reports of Russia potentially lifting its diesel ban and weak gasoline demand in the US. Brent crude oil futures fell by 4.3% to settle at $87.04 per barrel, while US West Texas Intermediate crude dropped by 4.3% to $85.36. The decline in prices is coinciding with concerns about high interest rates and the global economy.