Oil prices extend losses into second session on weak China data

Oil prices fell on Tuesday, after heavy losses in the previous session, as two days of weak Chinese data added to worries about the top crude oil importer’s energy demand growth. Brent crude fell 47 cents, or 0.79 per cent, to $58.88 a barrel by 0527 GMT, while US West Texas Intermediate (WTI) crude dropped 40 cents, or 0.75 per cent, to $53.19.

China has been hit by poor economic data for two straight days. The National Bureau of Statistics (NBS) reported on Tuesday that China’s factory gate prices declined at the fastest pace in more than three years in September. That followed customs data on Monday that showed Chinese imports had contracted for a fifth straight month.