Oil falls on worries about weak demand | Reuters

Oil falls on worries about weak demand | Reuters

Oil prices fell on Tuesday on concerns over weak demand in the United States and Asia, although ongoing production outages on the U.S. Gulf Coast helped to limit losses.

Industry analysts said a strengthening U.S. dollar also weighed on crude prices. A strong dollar makes oil more expensive for holders of other currencies.

U.S. West Texas Intermediate crude was down $1.08 or 1.6% from Friday's close at $68.21 a barrel at 1522 GMT. There was no settlement price for Monday due to the Labor Day holiday in the United States.

Brent crude futures were down 49 cents, or 0.7%, to $71.73 a barrel by, after falling 39 cents on Monday.

The U.S. economy created the fewest jobs in seven months in August as hiring in the leisure and hospitality sector stalled amid a resurgence in COVID-19 infections. read more