Oil slips further on demand, financial market worries

Oil prices edged lower in early Asian trade on Tuesday, adding to a 6% slump in the previous session, as coronavirus lockdowns in top oil importer China and potential economic ructions in Europe fed worries about the demand outlook.

Brent crude fell 36 cents, or 0.3%, to $105.58 at 0009 GMT. US West Texas Intermediate crude fell 23 cents, or 0.2%, to $102.86 a barrel. Prices dropped over $1 earlier in the session but pared their losses. Both contracts are still up about 35% so far this year.