Oil tumbles on global economic worries, strong dollar

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Oil prices tumbling more than 1% 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.

On Monday, both benchmarks posted their biggest daily percentage fall since March, dropping by 5% to 6% since March.
The fall in oil prices reflected trends in global financial markets as investors shed riskier assets on worries about higher interest rates and their impact on economic growth.

The dollar held near 20-year highs, making oil more expensive for holders of other currencies.
“China’s COVID situation, rising rates and growing recession risks are not helping risk assets,” Warren Patterson, head of ING commodities research said.

Latest data showed China’s export growth had slowed to single digits, the weakest in almost two years, as the country extended lockdowns to curb the spread of COVID-19.
Financial markets are also heeding concerns that some European economies could suffer distress if Russian oil imports were curtailed further, or if Russia were to retaliate by cutting off gas supplies.


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