Oil dips 2% on economic woes and stronger dollar | Reuters
Oil dropped 2% on Tuesday after two sessions of gains as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand and lower U.S. crude stocks.
Brent crude fell by $1.96, or 2.4%, to settle at $80.77 a barrel. U.S. West Texas Intermediate crude dropped $1.69, or 2.2%, to settle at $77.07. On Monday, both contracts rose by more than 1%.
U.S. consumer confidence dropped to a nine-month low in April, feeding worries about a recession the day after regional lender First Republic (FRC.N) reported a flight in deposits of more than $100 billion, stoking fears of a potential banking crisis.
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