Oil prices slid on Tuesday as rising COVID-19 cases in China sparked fears of lower fuel consumption from the world's top crude oil importer and after OPEC cut its 2022 global demand forecast.
Brent crude futures fell 27 cents, or 0.3%, to $92.87 a barrel by 0416 GMT after settling down 3% on Monday. U.S. West Texas Intermediate crude was at $85.37 a barrel, down 50 cents, or 0.6%, after tumbling 3.5% in the previous session.
"Rolling lockdowns across heavily populated areas in China penalize mobility and oil demand even more than economic activity," said Stephen Innes, managing partner at SPI Asset Management, in a note. "The market is currently defying looming supply risks, despite expectations that the latest demand downgrade could be supply-negative for OPEC oil output," analysts from ANZ Research said in a note, referring to imminent European Union sanctions on Russian oil exports.
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