WTI crude futures recovered from early losses to trade around $103 a barrel on Tuesday, after sinking as much as 2.5% during the Asian trading hours, and following a 6% plunge in the previous session. Still, oil markets are likely to remain volatile as investors continue to monitor prospects of slower global growth, lockdowns in top importer China and chances of further sanctions on Russia, namely from the European Union. Last week, the European Commission proposed a phased embargo on Russian oil but the approval has been delayed amid requests from Eastern European members for exemptions and concessions.
