Brent slumps to below $100 a barrel on firm dollar, weak demand outlook

Brent and WTI fall by more than $7 a barrel; recession fears and China COVID curbs weigh on oil, say analysts; OPEC forecasts slower oil demand growth in 2023

Global benchmark Brent crude tumbled to below $100 a barrel on Tuesday due to a stronger dollar, demand-sapping COVID-19 curbs in top crude importer China and fears of a global economic slowdown.

Brent crude futures were down by $7.62, or 7.1%, at $99.48 a barrel by 11:04 a.m. ET (1504 GMT). U.S. West Texas Intermediate crude was down $7.69, or 7.3%, at $96.42.

"Crude trading under extreme pressure this AM as a defensive posture continues with consumer sentiment still in a depressed mode along with a COVID re-surface in China," said Dennis Kissler, senior vice president for trading at BOK Financial, adding