WASHINGTON (dpa-AFX) - Oil prices fell more than 1 percent on Tuesday, reflecting lingering concerns about the outlook for global demand, particularly in China.
Benchmark Brent crude futures fell 1.2 percent to $90.12 a barrel, while WTI crude futures were down 1.4 percent at $83.40.
Concerns grew that demand may be waning in China due to economic pressures.
'China is experiencing a recession of sorts,' mostly tied to a softening property market, Tesla CEO Elon Musk said during last week's earnings call.
Data released over the weekend showed demand from the world's largest crude importer remained lackluster in September as a result of strict COVID-19 policy that has crimped business and trade.
Following Xi Jinping's shocking move to tighten his grip on power at a major leadership reshuffle, it is now clear that the country won't compromise on issues over Taiwan and the zero-COVID policy.
The world's second-largest economy is projected to grow just 2 percent this year, significantly lower than the >6 percent it maintained over the past decade.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
