LONDON—Oil prices slipped on Tuesday as recession concerns and worsening COVID-19 outbreaks in top crude importer China heightened fears of lower fuel demand.
Brent crude fell 84 cents, or 0.9 percent, to $97.08 a barrel by 1006 GMT while U.S. West Texas Intermediate (WTI) crude fell 96 cents, or 1 percent, to $90.83.
Both benchmarks hit their highest since August on Monday.
However, new coronavirus cases have surged in Guangzhou and other Chinese cities, official data showed on Tuesday.
Market participants will also be eyeing U.S. CPI data on Friday, CMC Markets analyst Tina Teng said.
“On the back of sticky inflation and rising interest rates in major western countries, oil futures are still pricing in the possibility of a global economic recession,” said Teng….