Oil prices fall as China demand concerns mount amid Covid curbs

Oil prices fell in volatile trade on Tuesday as investor concerns about lower demand in China, the world’s biggest crude importer, and further increases in US and European interest rates offset worries about tight fuel supplies ahead of winter.

Brent crude slid 34 cents, or 0.4 per cent, to $93.66 a barrel by 0445 GMT, while WTI crude declined by 20 cents, or 0.2 per cent, to $87.58 a barrel. Both contracts fell by more than $1 earlier in the session, snapping a three-day rally.

Covid-19 curbs in China, the world’s second-largest oil consumer, renewed concerns about lower global fuel demand.