Oil falls more than a dollar a barrel on demand fears

Oil prices fell more than a dollar a barrel on Tuesday as downbeat economic data from major world economies heightened demand fears.

benchmark crude oil futures Brent They were down $1.47, or 1.58%, at $91.77 a barrel, after falling 0.3% the day before. The futures of West Texas Intermediate Trade in the United States (WTI) for December delivery was down $1.39, or 1.64%, at $83.19, after falling 0.6% on Monday.

Supply and demand fundamentals remain largely stable, leaving economic sentiment at the center of the market, said Vandana Hari, founder of oil trade analysis provider Vanda Insights.

Much of the outlook for deteriorating demand has already been priced in, so any further downward pressure may be slow acting,” he added.

Signs of uncertainty in economic activity in the United States and China, the world’s two biggest oil consumers, continued to weigh on prices on Tuesday.

Government data released on Monday showed Chinese crude oil imports in September were 2% lower than a year earlier, continuing a downward trend, while slowing retail sales were reported.

US business activity contracted for the fourth consecutive month in October, with manufacturers and service companies saying in S&P Global’s monthly survey of purchasing managers released on Monday that customer demand is falling.

Business activity also contracted in the UK and euro zone manufacturing sectors.