Oil prices slid on Tuesday, extending losses of nearly 2% in the previous session, as a stronger U.S. dollar and a flare-up in COVID-19 cases in China raised concerns of slowing global demand.
Brent crude futures fell 21 cents, or 0.2%, to $95.98 a barrel by 0618 GMT, after falling $1.73 in the previous session.
A strong greenback reduces demand for oil by making it more expensive for buyers using other currencies. The sustained zero COVID-19 policy in China ahead of the Communist Party Congress is "not helping" demand, the analysts added. In response to the rise in cases, Chinese authorities have stepped up testing in Shanghai and other megacities, as well as extending quarantine times and closing some public spaces where the virus could spread.Capping losses, the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, decided last week to lower their output target by 2 million barrels per day, further raising concerns about tightening oil supplies.
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