U.S. oil dips below $100 a barrel on economic worries, strong dollar | Reuters
The U.S. crude oil price dipped below $100 a barrel on Tuesday to its lowest level in two weeks as the demand outlook was pressured by coronavirus lockdowns in China and growing recession risks, while a strong dollar made crude more expensive for buyers using other currencies.
U.S. West Texas Intermediate crude was down $2.97, or 2.9%, to $100.11 a barrel by 12:35 p.m. EDT (1635 GMT). Brent crude was down $3.06, or 2.89%, at $102.89 a barrel. Both benchmarks were down for a second straight day and fell by more than $4 a barrel earlier on Tuesday.
Wall Street's main indexes also turned lower in volatile trading on concerns over aggressive monetary policy tightening and slowing economic growth.
Early in the session, comments from the Saudi and UAE energy ministers boosted Brent and WTI up by more than $1 a barrel.
No comments:
Post a Comment