oil prices opened lower on Tuesday after a sharp decline in the previous session, as investors worry about near-term demand for crude oil.

Brent, the benchmark for two-thirds of the world’s oil, was trading down 0.42 percent at $92.75 a barrel as of 10:18 am on Tuesday. West Texas Intermediate, the gauge for US crude, fell 0.7 percent to $85.27 a barrel.

Raw futures was down nearly 3 percent on Monday after OPEC cut its crude oil demand estimates for 2022 and 2023 again on Monday.

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