Oil prices fall as weak factory data fuels global demand concerns

Oil prices dropped again on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as major crude producers meet this week to determine whether to increase supply.

Brent crude futures fell 77 cents, or 0.8 per cent, to $99.26 a barrel by 0421 GMT, while WTI crude futures eased 67 cents, or 0.7 per cent, to $93.22 a barrel.

The slide came after Brent futures slumped on Monday to a session low of $99.09 a barrel, their lowest since July 15. The US crude benchmark dropped to as low as $92.42 a barrel, its weakest since July 14.

“Crude prices tumbled after a wealth of factory activity data suggested the world is headed towards a giant global economic contraction,