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Oil futures fell sharply Tuesday with U.S. and global benchmark crude ending below $100, their lowest since April, hampered by a strong dollar and continued worries over COVID-19 restrictions in China that could lead to a slowdown in energy demand.
Price action
Market drivers
Fears of a recession pressured stocks and commodities Tuesday, analysts said. Rising COVID-19 cases in Shanghai and the threat of further lockdowns were also seen putting pressure on crude, stirring fears of renewed lockdown.
“Recently,…
