Oil prices extended losses in early Asian trade on Tuesday after OPEC cut its 2022 global demand forecast, while rising COVID-19 case numbers in China clouded the outlook for fuel consumption in the world’s top crude importing nation.
Brent crude futures fell 39 cents, or 0.4 per cent, to $92.75 a barrel by 0133 GMT after settling down 3 per cent on Monday. US West Texas Intermediate crude was at $85.31 a barrel, down 56 cents, or 0.7 per cent, after tumbling 3.5% in the previous session.
The Organization of the Petroleum Exporting Countries (OPEC) cut its 2022 global oil demand growth forecast for a fifth time since April, citing mounting economic challenges including high inflation and rising interest rates.
