Oil fell on Tuesday, extending its loss from last week with U.S. prices marking the expiration of the March futures contracts. The rise in both the U.S. dollar and short-duration Treasury yields stoked concerns about the Federal Reserve crushing the economy with “too-aggressive policy decisions this year,” analysts at Sevens Report Research wrote in Tuesday’s newsletter. “From a demand standpoint, recessions are clearly not a positive situation for consumption of refined products,” they said. U.S. benchmark West Texas Intermediate crude for March delivery CLH23, which expired at the end of the trading session, fell 18 cents, or 0.2%, to settle at $76.16 a barrel on the New York Mercantile Exchange. The April WTI contract CLJ23, which is now the front-month futures contract, settled at $76.36, down 19 cents, or nearly 0.3%.
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