WASHINGTON (dpa-AFX) - Oil prices fell over 1 percent on Tuesday as worries about Chinese demand along with expectations of existing oil oversupply overshadowed supply disruptions from Tropical Storm Francine.
Benchmark Brent crude futures fell 1.3 percent to $70.88 a barrel, while WTI crude futures were down 1.4 percent at $67.72.
China worries returned to the fore after the release of trade data.
China's exports grew more than expected in August, while imports growth weakened sharply amid weak domestic demand, official data revealed today.
Exports posted an annual growth of 8.7 percent, marking the fastest expansion in 17 months. At the same time, imports grew only 0.5 percent, raising concerns about weak domestic demand.
The release of the monthly oil market report from the Organization of the Petroleum Exporting Countries (OPEC), a speech by Federal Reserve Vice Chair for Supervision Michael Barr, and the U.S. Energy Information Administration's short-term energy outlook report could influence investor sentiment and market trends later in the day.
The EIA report contains forecasts for the global market and U.S. crude oil output.
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