Oil 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.
Brent crude futures fell 57 cents, or 0.6%, to $95.62 a barrel by 0031 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 a Communist Party congress is "not helping" demand, the analysts added. Thousands of cases caused by the highly transmissible Omicron sub-variants BF.7 have been reported in Inner Mongolia since the start of October, turning the region into the country's latest COVID epicentre.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.
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