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 69 cents, or 0.6%, at $105.25 a barrel at 1233 GMT, while U.S. West Texas Intermediate crude fell 45 cents, or 0.4%, to $102.64 a barrel.
Both contracts fell by more than $2 per barrel earlier in the session.
"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.
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