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Oil slides on strong dollar and weaker demand outlook

Oil Fatih Birol Joe Biden China OPEC Recession United States

Oil prices fell sharply on Tuesday on a strong dollar, demand-sapping COVID-19 curbs in top crude importer China and fears of a global economic slowdown.

Brent crude futures were down by $6.15, or 5.7%, at $100.95 a barrel by 1347 GMT. U.S. West Texas Intermediate crude was down $6.30, or 6.1%, at $97.79.

The euro lost ground on Tuesday, trading near parity with the dollar, while stock markets fell on the prospect of rising interest rates and worries over economies worldwide.

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