Oil Falls on Rate Hike Worries, Russian Export Flows

A view shows the Yan Dun Jiao 1 bulk carrier in the Vostochny container port on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on Aug. 12, 2022. Tatiana Meel/Reuters

LONDON—Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China.

March Brent crude futures fell by $1.01, or 1.19 percent, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell by 90 cents, or 1.07 percent, to $83.60.