Oil drops nearly 2 percent as China slowdown bites | Reuters

Oil drops nearly 2 percent as China slowdown bites | Reuters:

Oil prices fell nearly 2 percent on Tuesday on signs that an economic slowdown in China is spreading, stoking concerns about global growth and fuel demand.

The gloomy news from the world’s second-largest economy and top oil importer pulled down financial markets across Asia.

International Brent oil futures were down $1.23, or 1.96 percent, at $61.51 a barrel by 1205 GMT. U.S. West Texas Intermediate (WTI) crude futures were down $1 at $52.80.