Oil Updates — Crude edges down; US emergency crude reserves fall; Trafigura urged to stop Russian diesel imports

RIYADH: Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rate hikes from central banks may lead to a global economic slowdown and soften fuel demand.

Brent crude futures for October settlement dropped 3.56 percent to $101.35 a barrel at 03.00 p.m Saudi time. 

US West Texas Intermediate crude was at $94.23 a barrel, down 2.87 percent.

Crude in US emergency reserve falls to lowest since December 1984