LONDON—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 $4.78, or 4.5 percent, at $102.32 a barrel by 1112 GMT, having earlier sunk as low as $101.48. U.S. West Texas Intermediate crude was down $4.91, or 4.7 percent, at $99.18 after hitting a session low of $98.40.
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.
A stronger U.S. currency usually weighs on oil because it makes the dollar-priced commodity more expensive for holders of other currencies….