Oil prices fall as recessionary worries weigh on demand outlook

Oil prices fell on Tuesday, extending losses from the previous session, after economic data from China, the world’s largest crude importer, spurred fresh concerns about a potential global recession that could hit energy demand.

Brent crude futures fell 90 cents, or 1%, to $94.20 a barrel by 00:03 GMT. WTI crude futures fell 81 cents, or 0.9%, to $88.60 a barrel.

Oil futures fell about 3% during the previous session.

Prices fell after disappointing economic data from China. The country’s central bank cut lending rates to revive demand as data showed the economy slowing unexpectedly in July, with factory and retail activity squeezed by Beijing’s zero-COVID policy and a property crisis.