Oil extends losses as weak demand outlook persists | Reuters

Oil extends losses as weak demand outlook persists | Reuters

Oil prices fell on Tuesday as bleak economic data from top crude buyer China renewed concerns of a global recession and the market monitored talks on a reviving deal that could allow more Iranian oil exports.

Brent crude futures fell 84 cents, or 0.9%, to $94.26 a barrel by 0953 GMT. WTI crude futures dipped 45 cents, or 0.5%, to $88.96 a barrel. The oil future benchmarks fell about 3% in their previous sessions.

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

"In our view, problems in the real estate sector, plus the government's zero-COVID strategy, are likely to continue to weigh on the economy in the short to medium term, meaning that oil prices will probably face persistent headwinds from this side," Commerzbank said in a note.