Oil tumbles on global economic worries, strong dollar
Oil prices tumbling more than 1 per cent on Tuesday, extending the previous day’s steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand.
Brent crude fell $1.31, or 1.2 per cent, to $104.63 at 0216 GMT (0746 IST) after slipping to as low as $103.19.
US West Texas Intermediate crude fell $1.25, or 1.2 per cent, to $101.84 a barrel after hitting an intraday low of $100.44.
On Monday, both benchmarks posted their biggest daily percentage fall since March, dropping by 5 per cent to 6 per cent since March.
