Oil extends losses as weak demand outlook lingers | Reuters

Oil extends losses as weak demand outlook lingers | Reuters

Oil prices fell on Tuesday as bleak economic data from top crude buyer China renewed fears of a global recession.

Brent crude futures fell 73 cents, or 0.8%, to $94.37 a barrel by 0313 GMT. WTI crude futures dipped 44 cents, or 0.5%, to $88.97 a barrel.

Oil futures fell about 3% during the previous session.

China's central bank cut lending rates to revive demand as the economy slowed unexpectedly in July, with factory and retail activity squeezed by Beijing's zero-COVID policy and a property crisis. read more