Oil prices slide as dollar strengthens, China’s Covid-19 woes dampen demand

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.

U.S. West Texas Intermediate crude was at $90.58 a barrel, down 55 cents, or 0.6%, after losing $1.51 in the previous session.

The U.S. dollar rose for a fourth straight session on Monday as investors braced for high inflation data released this week, leading to expectations of continued aggressive monetary policy from the Federal Reserve.