Oil prices dive sharply as US data shows weak demand for gasoline

On Wednesday, oil prices experienced a sharp decline of more than 4% in response to reports suggesting that Russia might soon lift its diesel ban and US government data indicating weak gasoline demand.

Brent crude oil futures plummeted by $3.88, or 4.3%, settling at $87.04 per barrel. Simultaneously, US West Texas Intermediate crude (WTI) dropped by $3.87, or 4.3%, reaching $85.36.

Both benchmarks hit session lows, dropping by more than $4, with heating oil and gasoline futures falling by 5%.