Oil prices fall as China demand, recession concerns outweigh supply woes
SINGAPORE: Oil prices fell on Tuesday as recession concerns and worsening Covid-19 outbreaks in China sparked fears of lower fuel demand, outweighing supply worries.
Brent crude fell 31 cents, or 0.3%, to $97.61 a barrel by 0434 GMT, while US West Texas Intermediate (WTI) crude fell 36 cents, or 0.4%, to $91.43 a barrel.
Both benchmarks hit their highest since August on Monday amid reports that leaders in China, the world’s top crude importer, were weighing an exit from the country’s strict Covid-19 restrictions.
