Oil eases on pandemic worries, strong U.S. dollar | Reuters
Oil prices eased in volatile trade on Tuesday, pressured by a rising U.S. dollar and growing worries that new coronavirus cases could slow demand but losses were limited by supply concerns due to sanctions on Russia for alleged war crimes.
Early in the session, prices rose over $2 a barrel after Japan's Industry Minister said the International Energy Agency (IEA) was still discussing a coordinated release of oil reserves that many traders thought was a done deal. After that, prices traded either side of unchanged for most of the day. read more
Demand worries mounted after authorities in top oil importer China extended a lockdown in Shanghai to cover all of the financial center's 26 million people. read more
"Early dollar weakness today gradually gave way to strength in providing additional impetus behind today’s oil price swing back to the downside," Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Brent futures fell 89 cents, or 0.8%, to settle at $106.64 a barrel. U.S. West Texas Intermediate (WTI) crude fell $1.32, or 1.3% to settle at $101.96.
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