The heat is coming out of the oil market, and fast. West Texas Intermediate oil futures have shed around 20% since closing at the highest since 2008 a week ago, dropping below $100 a barrel on Tuesday. That followed a tumultuous period of trading that saw prices fluctuate wildly, with intraday swings for global benchmark Brent crude eclipsing $20. The latest developments to rattle the market are a resurgence of virus cases in China, the world’s biggest crude importer, and what appears to be progress in cease-fire talks between Ukraine and Russia. While there are still concerns that the disruption to Russian oil flows is squeezing an already tight market, OPEC and others have been quick to point out there is no shortage . China’s latest virus outbreak , with growing clusters spawned by the highly infectious omicron variant in some of its most-developed cities and economic zones, is […]