On Tuesday, crude oil prices rose slightly after dropping sharply during the preceding session due to fears that China’s COVID-19 lockdowns will continue to impact demand. Also, the U.S.dollar rose to its highest level in two years.

Futures traded at $102.57 up 25cs, or 0.2%. U.S. West Texas Intermediate contracts rose to $98.70 up 16cs, or 0.2%.

On Monday both contracts settled around 4%, Brent dropping as high as $7 per barrel and WTI falling as low as $6 per barrel.

China’s COVID lockdowns in Shanghai are now into their fourth week. Orders for mass testing in Beijing, the largest shopping area, are causing fears about other Shanghai-style lockdowns.

Edward Moya is a senior analyst at OANDA and wrote in a note that “the hit from Chinese lockdowns exceeds a million barrels/day”

Also, Monday’s U.S. dollar record was two years old. Oil is now more expensive to other currencies.

Moya, OANDA spokesperson said that supply fears were not the main focus of energy traders. “Now you have a surging Dollar that is adding pressure across all commodities.”