U.S. Oil Settles Below $100 A Barrel On Economic Worries, Strong Dollar

• U.S. crude oil price settled below $100 a barrel on Tuesday to its lowest level in two weeks as the demand outlook was pressured by coronavirus lockdowns in China and growing recession risks, while a strong dollar made crude more expensive for buyers using other currencies. 
• U.S. West Texas Intermediate crude settled down $3.33, or 3.2%, to $99.76 a barrel, while Brent crude was down $3.48, or 3.28%, at $102.46 a barrel. Both benchmarks were down for a second straight day and fell by more than $4 a barrel earlier on Tuesday. 
• Early in the session, comments from the Saudi and UAE energy ministers boosted Brent and WTI up by more than $1 a barrel. 
• The European Union Commission has delayed acting on the proposal. Unanimity is required to ban oil imports from Russia, and while a French minister said EU members could reach a deal this week, Hungary has dug in its heels opposing an embargo. 
• Also, some European economies could suffer distress if Russian oil imports were curtailed further. If Russia retaliated by cutting off gas supplies, economies in emerging Europe, Central Asia and North Africa might slide back to pre-pandemic levels, the European Bank for Reconstruction and Development (EBRD) warned.

(Source: Reuters)