Oil Updates — Crude prices down; Russia’s Sberbank sues Glencore; India’s fuel demand rises    


Tue, 2022-11-08 09:42

RIYADH: Oil prices fell on Tuesday as recession concerns and worsening COVID-19 outbreaks in China sparked fears of lower fuel demand, outweighing supply worries. 

Brent crude fell 31 cents, or 0.3 percent, to $97.61 a barrel by 0434 GMT, while US West Texas Intermediate crude fell 36 cents, or 0.4 percent, to $91.43 a barrel. 

Both benchmarks hit their highest since August on Monday amid reports that leaders in China, the world’s top crude importer, were weighing an exit from the country’s strict COVID-19 restrictions. 

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