Oil Slides as Demand Fears Return After OPEC-Led Rally

Oil Slides as Demand Fears Return After OPEC-Led Rally
Pump jacks operate at sunset in an oil field in Midland, Texas, on Aug. 22, 2018. Nick Oxford/Reuters
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LONDON—Oil fell on Tuesday after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes, trumping support from OPEC+’s first output target cut since 2020.

New COVID-19 lockdowns in China have added to worries that high inflation and rate hikes will hit demand. The European Central Bank is widely expected to lift rates sharply when it meets on Thursday.