Oil prices tumbling more than 1 per cent on Tuesday, extending the previous day's steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand.U.S. West Texas Intermediate crude fell $1.25, or 1.2 per cent, to $101.84 a barrel after hitting an intraday low of $100.44.
Latest data showed China's export growth had slowed to single digits, the weakest in almost two years, as the country extended lockdowns to curb the spread of COVID-19. "Clearly, members are struggling to come to an agreement, which suggest that we may see a further watering down of the proposed package," Patterson said.
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