WASHINGTON (dpa-AFX) - Oil prices fell around 1 percent on Tuesday amid fading hopes of top consumer China easing its strict zero-COVID policy.
Benchmark Brent crude futures fell 0.8 percent to $97.15 a barrel, while WTI crude futures were down 1.1 percent at $90.80.
Both benchmarks hit their highest since August Monday on the back of expectations that Beijing will lift strict COVID-19 restrictions in the near future.
China, the world's top crude importer, is seeing a surge in new coronavirus cases in Guangzhou and other Chinese cities, preventing the country from stamping out the virus and relaxing controls.
The global manufacturing hub is fighting its worst flare-up ever, testing its ability to avoid a Shanghai-style lockdown.
The new virus outbreaks sparked fears of lower fuel demand and outweighed supply worries.
The Wall Street Journal reported on Monday that Beijing may take a gradual approach to easing pandemic policies despite concerns about the impact on the economy.
Authorities would like to proceed cautiously and there is no set timeline or measures for lifting the zero-COVID policy, the report said.
A firmer greenback also weighed on oil prices as Americans vote in the U.S. midterm elections.
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