LONDON—Oil prices edged lower on Tuesday on fears of an economic slowdown and lower fuel demand from China as it persists with its stringent zero-COVID policy.
Brent crude futures fell 41 cents, or 0.45 percent, to $91.21 a barrel by 0948 GMT while U.S. West Texas Intermediate (WTI) crude futures fell 41 cents, or 0.48 percent, to $85.05.
WTI had risen earlier by more than $1 a barrel on a weaker dollar, which makes oil cheaper for buyers holding other currencies.
But the U.S. dollar index measuring the greenback against six peers rose later in the session, weighing on oil prices in early European trading.
Also in focus was the Bank of England’s plan to start selling the vast government bond holdings it amassed during the coronavirus crisis. That sent long-dated yields higher, indicating increased risks to financial stability….