WASHINGTON (dpa-AFX) - Oil prices fell sharply on Tuesday amid rising concerns about the outlook for energy demand following another batch of weak economic data from China.
The Chinese central bank unexpectedly cut two key interest rates to shore up the struggling economy.
China's industrial output and retail sales slowed last month, and fixed-asset investment growth also lost more momentum, suggesting that more support is needed to revitalize flagging economic growth.
West Texas Intermediate Crude oil futures for September ended lower by $1.52 or about 1.8% at $80.99 a barrel.
Brent crude futures settled at $84.49 a barrel, down $1.32 or about 1.5% from the previous close.
Data released today showed China's retail sales and industrial production grew less than expected in July.
Edward Moya, Senior Market Analyst at OANDA expects oil market to remain tight, but says, 'most of the headlines are turning bearish for the demand side. Oil's pullback might need to continue a while longer before buyers emerge.'
Markets now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API's report is due later today, while EIA is scheduled to release its inventory data Wednesday morning.
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