Oil prices dropped in early trade on Tuesday, weighed down by concerns about slowing fuel demand in top crude importer China amid strict COVID-19 curbs.
Brent crude futures fell 45 cents, or 0.5%, to trade at $82.74 a barrel at 0113 GMT. U.S. West Texas Intermediate crude futures dropped 51 cents, or 0.7%, to $76.73 a barrel.
"Bearish moods toward oil prices are spreading in Asia due to concerns about a decline in China's demand while the rare protests over the weekend also raised fears over the impact on Chinese economy," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd. "Losses were limited as some investors expect that OPEC and its allies may agree on a production cut in their next meeting to support oil prices," said Fujitomi Securities analyst Tazawa.Group of Seven and European Union diplomats have been discussing a cap of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. Russia calls its actions in Ukraine "a special operation".
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