LONDON—Oil prices fell by more than $1 a barrel on Tuesday as rising COVID-19 cases in China renewed fears of lower fuel consumption from the world’s top crude importer.
Brent crude futures fell $1.07, or 1.15 percent, to $92.07 a barrel by 1005 GMT after settling 3 percent lower on Monday.
U.S. West Texas Intermediate crude fell by $1.25, or 1.46 percent, to $84.62, after tumbling 3.5 percent in the previous session.
Investors cheered China’s announcements last week that it would lessen the impact of a strict zero-COVID policy to spur economic activity and energy demand, but analysts said lockdowns and surging case numbers continue to be a key downside risk….