Brent crude oil futures fell 90 cents, or 1%, to $94.20 a barrel at 00:03 GMT. WTI crude futures fell 81 cents, or 0.9%, to $88.60 a barrel.
Oil futures fell about 3% in the previous session.
Prices fell after disappointing economic data from China. The country’s central bank slashed lending rates to boost demand as data showed the economy unexpectedly slowed in July as factory and retail activity was squeezed by the zero COVID policy. Beijing and a real estate crisis.
China’s oil product exports will rebound in August to approach the highest level of the year so far, after Beijing set more quotas in June and July, although wider restrictions are intended to cap exports. shipments to seven-year low for 2022, analysts and traders say.
In the United States, total production from major U.S. shale oil basins will rise to 9.049 million bpd in September, the highest since March 2020, the U.S. Energy Information Administration (EIA) said in its report. on productivity on Monday.
Market participants were awaiting industry data on US crude inventories due later on Tuesday. Oil and gasoline inventories likely fell last week, while distillate inventories rose, according to a preliminary Reuters poll on Monday. [EIA/S]
Investors have also been watching talks to revive the 2015 Iran nuclear deal. The oil supply could increase if Iran and the United States accept an offer from the European Union, which would remove sanctions on Iranian oil exports, analysts said.
Iran on Monday responded to the European Union’s “final” draft text aimed at saving the 2015 nuclear deal, an EU official said, but did not provide details on Iran’s response to the text. . Iran’s foreign minister called on the United States to show flexibility in resolving three remaining issues.