Oil prices slid on Tuesday, extending losses of nearly 2% in the previous session, as a stronger U.S. dollar and a flare-up in COVID-19 cases in China raised concerns of slowing global demand.
Brent crude futures fell 21 cents, or 0.2%, to $95.98 a barrel by 0618 GMT, after falling $1.73 in the previous session.
A strong greenback reduces demand for oil by making it more expensive for buyers using other currencies. The sustained zero COVID-19 policy in China ahead of the Communist Party Congress is "not helping" demand, the analysts added. In response to the rise in cases, Chinese authorities have stepped up testing in Shanghai and other megacities, as well as extending quarantine times and closing some public spaces where the virus could spread.Capping losses, the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, decided last week to lower their output target by 2 million barrels per day, further raising concerns about tightening oil supplies.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices slide as dollar strengthens, China COVID-19 woes dampen demandOil prices fell on Tuesday, extending nearly 2% losses in the previous session, as a stronger U.S. dollar and a flare-up in COVID-19 cases in China increased fears of slowing global demand.
Read more »
Oil prices drop as dollar strengthens amid China’s Covid challengeThe US dollar rose for a fourth straight session on Monday as investors braced for high inflation data released this week, leading to expectations of continued aggressive monetary policy from the Federal Reserve.
Read more »
WTI Crude Oil Forecast: Crude Oil Touches the 200-Day EMAThe West Texas Intermediate Crude Oil market rallied significantly during the day on Friday, breaking above the $92 level and touching the 200-Day EMA.
Read more »
Oil prices tick lower after weak China data sparks demand fearsOil trades lower after the strongest weekly gain since March, losing ground after China data raises worries about demand from the world's largest crude...
Read more »
How Does The Price of Oil Impact EV Adoption?The oil price shock of 2022 has driven a great deal of new interest in EVs, which has just served to help answer the question of what happens to EV adoption rates when oil and
Read more »
Crude Oil Price Forecast: Back into Dynamic Support/Resistance Zone – What’s Next?The crude oil rally is facing its first challenge as it returns to a dynamic support/resistance zone in play since February. The downtrend from the June and August swing highs has broken, and technical momentum has accelerated in recent days.
Read more »