Oil prices fall on economic slowdown warnings | Reuters

Oil prices fall on economic slowdown warnings | Reuters

Oil prices fell 2% on Tuesday after soaring by more than $5 barrel in the previous session, weighed by fears that an economic slowdown will hit oil demand, but tight supplies and a weaker dollar curbed some losses.

Brent crude futures for September settlement fell $1.62 or 1.5% to $104.65 a barrel by 1153 GMT. The contract rose 5.1% on Monday, the biggest percentage gain since April 12.

WTI crude futures for August delivery fell by $1.87, or 1.8%, to $100.73 a barrel. The contract climbed 5.1% on Monday and the largest percentage gain since May 11.

The August WTI contract expires on Wednesday and the more actively traded September contract was at $97.66 a barrel, down $1.76, or 1.8%.

The International Monetary Fund on Tuesday warned that any Russian action to stop supplying Europe with gas would trigger economic contractions of more than 5% over the next year in the Czech Republic, Hungary, Slovakia and Italy, the Financial Times reported.