Oil prices tumble on recession fears, stronger dollar, China Covid lockdowns

Both Brent and West Texas Intermediate crude oil prices fell below $100 per barrel Tuesday on a combination of recession fears, a stronger dollar and concerns over increased Covid-19 related curbs in China. Brent crude futures were down by $7.62, or 7.1%, to $99.48 a barrel in late morning trading on the US East Coast. WTI prices were off $7.69, or 7.3%, to $96.42. Fears of a global recession have led investors to sell off oil holdings over the past couple of weeks.