Oil prices plunged in Asian trade on Wednesday in reaction to steep falls in the Chinese stock market on Tuesday and declines in bourses worldwide, said traders.
At 04:00 GMT New York's main oil futures contract, light sweet crude for delivery in April, was down $1.17 to $60.29 per barrel from $61.46 in late US trades.
Before its fall, the contract reached as high as $62.65 in US hours.
Brent North Sea crude for April delivery was down 96 cents at $60.40 a barrel.
Traders said the selloff in the Chinese stock market and declines in global markets drove crude prices lower.
Read more at FIN24.co.za
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