Oil drops as economic worries, strong dollar weigh

NEW DELHI: Oil prices dropped more than 1% on Tuesday, extending the previous day’s steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand.
Brent crude was down $1.19, or 1.1%, at $104.75 a barrel at 0607 GMT after slipping to as low as $103.19.
US West Texas Intermediate crude fell $1.07, or 1%, to $102.02 a barrel after hitting an intraday low of $100.44.
On Monday, both benchmarks posted their biggest daily percentage falls since March, dropping by 5% to 6%.
The falls reflected trends in global financial markets, as investors shed riskier assets on worries about interest rate rises and resulting impact on economic growth.