Oil prices fell on Tuesday as a stronger U.S. dollar compounded concerns that demand for fuel will be held back by major central banks holding interest rates higher for longer.
Brent crude futures were down $1.16, or 1.24%, at $92.13 a barrel at 0844 GMT, while U.S. West Texas Intermediate crude futures were trading $1.13 lower, or 1.26%, at $88.55.
“Fears of an economic recession may again dominate the oil market’s movement due to surging U.S. bond yields following the Fed’s hawkish stance last week,” said Tina Teng, a market analyst at CMC Markets in Auckland.
