Oil drops as economic worries, strong dollar weigh | Reuters
Oil prices fell in volatile trade on Tuesday as the market balanced impending European Union sanctions on Russian oil with demand concerns related to coronavirus lockdowns in China, a strong dollar and growing recession risks.
Brent crude was down 88 cents, or 0.8%, at $105.06 a barrel at 0924 GMT, while U.S. West Texas Intermediate crude fell 75 cents, or 0.7%, to $102.34 a barrel.
"The combination of COVID-related lockdowns in China and worldwide interest rate increases to battle inflation put equity investors on the back foot, strengthened the dollar and significantly raised concerns of economic slowdown," said Tamas Varga of oil broker PVM.
The dollar held near 20-year highs, making oil more expensive for holders of other currencies.
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