WASHINGTON (dpa-AFX) - Oil prices extended losses on Tuesday, after having fallen nearly 2 percent in the previous session.
Benchmark Brent crude futures fell 2.1 percent to $94.17 a barrel, while WTI crude futures were down 2.4 percent at $88.98.
Investors fretted about a further hit to demand in China, as COVID infections ticked up ahead of 20th Party Congress and authorities vowed to stock to the zero-COVID policy.
World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva both warned of recession risks, raising concerns over global demand.
Fears of further monetary policy tightening also weighed after Chicago Fed president Charles Evans said there is a strong consensus at the Federal Reserve to raise the target policy rate to around 4.5 percent by February and hold it there for most of 2023.
Separately, Fed Vice Chair Lael Brainard laid out a case for exercising caution, saying that previous rate increases were starting to slow the economy and the full brunt of tighter policy would not be felt for months to come.
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