Oil prices fell on Tuesday (Oct 11), extending nearly 2 per cent losses in the previous session, as a stronger US dollar and a flare-up in COVID-19 cases in China increased fears of slowing global demand.
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Brent crude futures fell 57 cents, or 0.6 per cent, to US$95.62 a barrel by 0031 GMT (8.31am, Singapore time), after falling US$1.73 in the previous session.
US West Texas Intermediate crude was at US$90.58 a barrel, down 55 cents, or 0.6 per cent, after losing US$1.51 in the previous session.
The US dollar rose for a fourth straight session on Monday as investors braced for high inflation data released this week, leading to expectations of continued aggressive monetary policy from the Federal Reserve.
A strong greenback reduces demand for oil by making it more expensive for buyers using other currencies.
Rate increases to date were starting to slow the economy and the full brunt of tighter policy would not be felt for months to come, Fed Vice Chair Lael Brainard said on Monday.
"Strong jobs data has strengthened expectations of another 75 basis points rate hike at next month’s Fed meeting, leaving downside risk for global oil demand," said ANZ Research analysts in a note.
