Oil slips as weak China data offsets tightening supply

BOil prices fell by more than 1.5% on Tuesday after data showed China’s imports and exports fell much more than expected in July in yet another sign of a sluggish post-COVID rebound for the world’s largest oil importer.

Brent crude futures were down $1.33, or about 1.6%, at $84.01 a barrel at 1047 GMT. U.S. West Texas Intermediate crude was down $1.23, or about 1.5%, at $80.71.