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Oil dipped more than 2% on Tuesday, 25 April 2023 following two sessions of gains, recording its lowest levels this month as concerns over economic frailties and a stronger dollar undermined the advent of rising Chinese demand.

Brent crude stooped $1.96 or 2.4% to settle at $80.77/barrel while West Texas Intermediate crude dropped $1.69 or 2.2%, nesting at $77.07/barrel. 

The US dollar index rose by 0.6% as worries remained over the banking sector and the global economic outlook. US consumer confidence dropped in April, its lowest since July 2022, leaning into the notion that the economy could enter recession later this year.