Oil slips further on demand, financial market worries

Oil prices edged lower in early Asian trade on Tuesday, adding to a 6 per cent 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.

Financial markets are heeding concerns that further curtailing Russian oil imports following the nation's invasion of Ukraine could push some European nations into economic distress. A halt to Russian gas supplies to Germany would trigger a deep recession and cost half a million jobs, a senior economist said in an interview published on Tuesday.

Hungary has also restated its position that it will not accept a new round of proposed sanctions on Russia until its concerns are addressed.

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