Global crude prices continued their decline as Saudi Arabia and other OPEC countries reportedly discussed increasing production, while China is said to be tightening its anti-Covid curbs, hurting the demand outlook.

Global oil benchmark Brent fell as much as 6% to trade below $83 a barrel, its lowest level since January. The decline accelerated after the Wall Street Journal reported that Opec+ is considering a production increase of 500,000 barrels ahead of the EU embargo on Russian oil.