Oil prices weighed down by weak Asian demand
Oil prices fell on Tuesday, with both contracts heading for a fourth straight session of losses, weighed down by a weak demand picture in Asia and OPEC and its allies saying the market does not need more crude.
Brent crude was down 11 cents, or 0.2%, at $69.39 per barrel, after rising as high as $69.77 earlier in the session.
U.S. West Intermediate crude (WTI) slid 38 cents, or 0.6%, to $66.91 a barrel, after reaching $67.66 earlier.
On the demand side, daily crude processing in China, the world’s biggest oil importer, fell to its lowest in July since May 2020 as independent plants slashed production amid tighter quotas, high inventories and weakening profits.
China’s factory output and retail sales growth also slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted businesses.
Hedge funds sold petroleum last week for the sixth time in eight weeks as resurgent coronavirus infections in China, Europe and North America dampened hopes of a rapid resumption in long-distance air travel.
Reference: CNBC
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