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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.
However, new coronavirus cases have surged in Guangzhou and
other Chinese cities, official data showed on Tuesday.
Market participants will also be eyeing U.S. CPI data on Friday,
CMC Markets analyst Tina Teng said.
"On the back of sticky inflation and rising interest rates in
major western countries, oil futures are still pricing in the
possibility of a global economic recession," said Teng.
On the supply side, bullish signals remain in the near term.
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".
U.S. crude oil stocks were expected to have risen by about 1.1
million barrels last week, a preliminary Reuters poll showed on
Monday.
The poll was conducted ahead of reports from the American
Petroleum Institute due at 4:30 p.m. ET (2130 GMT) on Tuesday
and the Energy Information Administration at 10:30 a.m. (1530
GMT) on Wednesday.
(Reporting by Shadia NasrallaAdditional reporting by Isabel
KuaEditing by David Goodman)
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