Oil prices fall as weak factory data fuels global demand concerns

Published by
Reuters UK

By Stephanie Kelly (Reuters) – Oil prices dropped again on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as major crude producers meet this week to determine whether to increase supply. Brent crude futures fell 77 cents, or 0.8%, to $99.26 a barrel by 0421 GMT, while WTI crude futures eased 67 cents, or 0.7%, to $93.22 a barrel. The slide came after Brent futures slumped on Monday to a session low of $99.09 a barrel, their lowest since July 15. The U.S. crude benchmark dropped to as low as $92.42 a barrel, its weakest s…

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