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February 28, 2024
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Business

U.S. oil dips below $100 a barrel on economic worries, strong dollar

Published by
Reuters UK

By Arathy Somasekhar HOUSTON (Reuters) -The U.S. crude oil price dipped 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 was down $2.97, or 2.9%, to $100.11 a barrel by 12:35 p.m. EDT (1635 GMT). Brent crude was down $3.06, or 2.89%, at $102.89 a barrel. Both benchmarks were down for a second straight day and fell by more than $4 a barrel earlier on Tuesday. Wall St…

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