LONDON, Nov 15 Reuters Oil prices fell by more than 1 a barrel on Tuesday as rising COVID19 cases in China renewed fears of lower fuel consumption from the world39;s top crude importer.
Brent crude futures fell 1.07, or 1.15, to 92.07 a barrel by 1005 GMT after settling 3 lower on Monday.
U.S. West Texas Intermediate crude fell by 1.25, or 1.46, to 84.62, after tumbling 3.5 in the previous session.
Investors cheered China39;s announcements last week that it would lessen the impact of a strict zeroCOVID policy to spur economic activity and energy demand, but analysts said lockdowns and surging case numbers continue to be a key downside risk.
Rising COVID cases in Beijing and in other cities served us with a reminder that a change in the trajectory of economic and oil demand growth in the world39;s biggest oil importer is anything but imminent, said Tamas Varga of oil broker PVM.
The country39;s COVID cases rose further on Tuesday, including in the capital Beijing, and the country39;s factory output growth slowed.
Investment bank JPMorgan cut its quarterly and fullyear forecasts for economic growth in China on Tuesday due to the country39;s ongoing COVID restrictions.
Meanwhile, the Organization of the Petroleum Exporting Countries OPEC cut its 2022 global oil demand growth forecast for a fifth time since April, citing mounting economic challenges including high inflation and rising interest rates.
However, concerns about tight supplies this winter continued to…