Oil sinks as manufacturing data feeds global economy worries - Reuters

Oil sinks as manufacturing data feeds global economy worries - Reuters:

Oil prices fell on Tuesday, with U.S. crude futures down 2% after manufacturing data raised concerns about a weakening global economy, while the U.S.-China trade dispute continued to drag on investor sentiment.

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $1.16, or 2.1%, to settle at $53.94 a barrel. The session low was $52.84 a barrel, the lowest since Aug. 9.

Brent crude LCOc1 futures lost 40 cents, or 0.7%, to settle at $58.26 a barrel. It sank as low as $57.23 a barrel, also the weakest since Aug. 9.

Prices extended losses following data that showed U.S. manufacturing activity in August contracted for the first time in three years. Earlier, separate data showed euro zone manufacturing activity contracted for a seventh month in August.