Brent crude fell $2.30 to $93.89 a barrel by 1006 GMT, while U.S. West Texas Intermediate crude dropped $2.12 to $89.01
Oil slid more than 2 per cent on Tuesday, extending losses of nearly 2 per cent in the previous session, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand.
Brent crude fell $2.30, or 2.4 per cent, to $93.89 a barrel by 1006 GMT. U.S. West Texas Intermediate crude dropped $2.12, or 2.3 per cent, to $89.01.Oil has dropped sharply on economic fears after surging earlier in 2022, when Brent came close to its record high of $147 as Russia’s invasion of Ukraine added to supply concerns.
Those worries aside, fears of a further hit to demand in China also weighed. Authorities have stepped up coronavirus testing in Shanghai and other large cities as COVID-19 infections rise again. A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite.
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