EU members struggle to reach deal on Russian oil ban
U.S. crude, products inventories likely fell last week poll

May 10 Reuters Oil prices tumbling more than 1 on Tuesday, extending the previous day39;s steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand.

Brent crude fell 1.31, or 1.2, to 104.63 at 0216 GMT after slipping to as low as 103.19.

U.S. West Texas Intermediate crude fell 1.25, or 1.2, to 101.84 a barrel after hitting an intraday low of 100.44.

On Monday, both benchmarks posted their biggest daily percentage fall since March, dropping by 5 to 6 since March.

The fall in oil prices reflected trends in global financial markets as investors shed riskier assets on worries about higher interest rates and their impact on economic growth.

The dollar held near 20year highs, making oil more expensive for holders of other currencies.

Chinas COVID situation, rising rates and growing recession risks are not helping risk assets, Warren Patterson, head of ING commodities research said.

Latest data showed China39;s export growth had slowed to single digits, the weakest in almost two years, as the country extended lockdowns to curb the spread of COVID19.

Oil prices were boosted last week after the European Commission proposed a phased embargo on Russian oil. However, the approval has been delayed amid requests from Eastern European members for exemptions and…