Oil prices fell on Tuesday as bleak economic data from top crude buyer China renewed fears of a global recession.
Brent crude futures fell 73 cents, or 0.8%, to $94.37 a barrel. WTI crude futures dipped 44 cents, or 0.5%, to $88.97 a barrel, www.nasdaq.com reported.
Oil futures fell about 3% during the previous session.
China's central bank cut lending rates to revive demand as the economy slowed unexpectedly in July, with factory and retail activity squeezed by Beijing's zero-Covid policy and a property crisis.
"Commodities prices across the board were under pressure as China's July economic data painted a more downbeat growth picture than previously expected, which prompted renewed concerns on demand outlook," wrote Yeap Jun Rong, market strategist from IG Group, in a note.
China's fuel product exports are expected to rebound in August to near a year high after Beijing issued more quotas, adding pressure to already-cooling refining margins.
Investors also watched talks to revive the 2015 Iran nuclear deal. More oil could enter the market if Iran and the United States accept an offer from the European Union, which would remove sanctions on Iranian oil exports, analysts said.
Iran responded to the European Union's "final" draft text to save a 2015 nuclear deal on Monday, an EU official said.
