Oil prices fall on weak economic data from Europe and China - Reuters

Oil prices fall on weak economic data from Europe and China - Reuters:

Oil prices fell on Wednesday on weak economic data from China and Europe and a rise in U.S. crude inventories, almost erasing the previous session’s sharp gains after the United States said it would delay tariffs on some Chinese products.

Brent crude LCOc1 was down $2.08, or 3.4%, at $59.22 a barrel at 1214 GMT, after rising 4.7% on Tuesday, the biggest percentage gain in a day since December.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down $2.13, or 3.7%, at $54.97 a barrel, having risen 4% the previous session, the most in just over a month.

China reported a raft of unexpectedly weak data for July, including a surprise drop in industrial output growth to a more than 17-year low, underlining widening economic cracks as the trade war with the United States intensifies.