Signs of uncertain economic activity in the US and China continue to weigh on prices on Tuesday
London — Oil prices fell by more than $1 per barrel on Tuesday as bearish economic data from key global economies heightened demand fears.
Supply and demand fundamentals remain largely stable, leaving economic sentiment centre-stage for the oil market, said Vandana Hari, founder of oil market analysis provider Vanda Insights. Government data on Monday showed China's crude oil imports in September were 2% lower than a year earlier, continuing a trend of lower imports at the same time it reported slowing retail sales.
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