Oil prices fell on Tuesday as weak economic data from China, a top crude importer, renewed fears of a global recession.
Brent crude futures fell 1.6 per cent to $93.50 a barrel, while West Texas Intermediate crude futures dipped 1.3 per cent to $88.57 a barrel.
China’s central bank cut lending rates to revive demand as the country’s economy slowed unexpectedly in July, with the factory and retail activity squeezed by Beijing’s zero-COVID policy and a property crisis.
Market strategist, IG Group, Yeap Jun Rong told Reuters that signs of global recession resulted in a downslide.
“Commodities prices across the board were under pressure as China’s July economic data painted a more downbeat growth picture than previously expected, which prompted renewed concerns on demand outlook,” Rong said.
