U.S. and Brent crude oil futures both saw their intraday losses expand to 8% during the afternoon of July 27, Beijing time.
West Texas Intermediate (WTI) crude oil broke below the $82 per barrel mark, while Brent crude oil was last reported trading at $85.58 per barrel.
The sharp decline in oil prices comes amid a broad sell-off in commodity markets, with traders reacting to a combination of macroeconomic concerns and shifting supply-demand dynamics.
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