Investing.com– Oil prices fell sharply in Asian trade on Tuesday, extending recent losses amid growing concerns over a demand slowdown, while a report suggesting that Israel will not attack Iranian oil facilities also weighed.
Crude prices tumbled around 3% on Monday after top importer China logged a fifth straight monthly decline in oil imports, spurring fears of weak demand. These fears were exacerbated by the Organization of Petroleum Exporting Countries cutting its oil demand outlook for a third consecutive month.
expiring in December fell 3% to $75.16 a barrel, while fell 3% to $71.03 a barrel by 21:19 ET (01:19 GMT).
Demand fears grow on OPEC cut, China concerns
Fears of slowing oil demand were a major weight on prices, especially following somewhat underwhelming signals from top importer China.
China’s Ministry of Finance over the weekend outlined a slew of fiscal measures to support the economy. But traders were underwhelmed by a lack of clarity on the timing and scale of the measures, as well as a lack of clear measures aimed at supporting private consumption.
Data on Monday also showed China’s oil imports fell for a fifth consecutive, signaling that weak…
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