My recollection is what happened in the oil market was the Asian currency crisis in fall of 1997. China currency not really involved. Asia went rapidly into a major recession and lower oil demand lower prices. Russian economy collapses too. Dow dropped so fast they suspended trading. 550 point drop then was the equivalent of about 1,700 today.

https://www.investopedia.com/terms/a/asian-financial-crisis.asp

After the Asian crisis, international investors were reluctant to lend to developing countries, leading to economic slowdowns in developing countries in many parts of the world. The powerful negative shock also sharply reduced the price of oil, which reached a low of about $11 per barrel towards the end of 1998, causing a financial pinch in OPEC nations and other oil exporters.



https://en.wikipedia.org/wiki/1997_Asian_financial_crisis#United_States_and_Japan