Top crude importer China heightened fears of lower fuel demand as oil prices slipped as a result of recession concerns and worsening COVID-19 outbreaks.
In Brent crude fell 84 cents, or 0.9%, to $97.08 a barrel by 1006 GMT while U.S. West Texas Intermediate (WTI) crude fell 96 cents, or 1%, to $90.83.
Both benchmarks hit their highest since August on Monday amid reports that leaders in China were weighing an exit from the country’s strict COVID-19 restrictions.
The European Union ban on Russian oil, imposed in retaliation for Russia’s invasion of Ukraine, is set to start on Dec. 5 and will be followed by a halt on oil product imports in February. Moscow calls its actions in Ukraine “a special operation”.