oil futures erased an early bounce to turn lower as the us dollar resumed a push higher while investors weigh fears of a global economic downturn against tight crude supplies   west texas intermediate crude for november delivery cl1 clx22 cl00 was down 13 cents or 02 at 8533 a barrel on the new york mercantile exchange   december brent crude brn00 brnz22 the global benchmark ticked down 5 cents or 01 to 9157 a barrel on ice futures europe   back on nymex november gasoline rbx22 fell 02 to 2588 a gallon while november heating oil hox22 was up 04 at 4101 a gallon crude prices rose in asian trade tuesday but saw gains slip as the us dollar resumed its push higher the ice us dollar index dxy  a weighted measure of the greenback against a basket of six major currencies was up 02 trading around 2 below a 20year high set at the end of last month a stronger dollar can be a weight on commodities priced in the unit making them more expensive to users of other currencies crude has given back a large chunk of the gains scored in the first week of october when opec made up of the organization of the petroleum exporting countries and allies including russia agreed to cut production by 2 million barrels a day beginning in november the actual cut is expected to be around half that size since several producers were already pumping below their targets but the move was still seen as significant strong gains for us equities and a weaker dollar on monday failed to push oil prices higher noted warren patterson head of commodities strategy at ing in a note “instead the market still seems wary of the demand outlook for the market president xi has made it clear that china will continue to follow a zerocovid policy which raises uncertainty over chinese oil demand through 2023 recession concerns elsewhere only add to the market’s uncertainty” he wrote