WASHINGTON (dpa-AFX) - Oil extended steep overnight losses to hover near a nine-month low on Wednesday amid renewed concerns over slowing U.S. and Chinese growth.
Benchmark Brent crude futured dipped half a percent to $73.40 a barrel, after having fallen nearly 5 percent in the previous session on concerns over lower global demand growth and the possibility of increased supply from leading producers.
WTI crude futures were down 0.4 percent at $70.06 after dropping 4.4 percent on Tuesday.
Economic activity in the U.S. manufacturing sector contracted in August for the fifth consecutive month and the 21st time in the last 22 months, raising concerns the world's largest economy is headed for recession.
Elsewhere, a private survey revealed that growth in China's services sector activity slowed in August despite the summer travel peak.
On the supply side, there are expectations that the political dispute that has halted Libyan exports may be resolved.
Libya's two rival legislative bodies agreed on Tuesday to jointly appoint a central bank governor in a bid to resolve a conflict over control of the country's oil revenue.
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