Oil drops 3pc, stocks tank on DeepSeek news

Oil prices fell about three per cent to a two-week low on Monday, pressured by losses in Wall Street technology and energy stocks, as investors took cover after news of surging interest in Chinese startup DeepSeek’s low-cost artificial intelligence model. Oil was already down earlier in the session on weak economic data from China and worries that US President Donald Trump’s proposed tariffs could further pressure economic growth and energy demand. Brent futures fell $2.00, or 2.6pc, to $76.50 a barrel by 1702 GMT. US West Texas Intermediate (WTI) crude fell $2.06, or 2.8pc, to $72.60. Brent was on track for its lowest close since Jan 8 and WTI for its lowest since Dec 31.