Oil prices fell amid a wave of weak economic data
Oil prices fell on Tuesday for the third session in a row after a series of economic data from Germany, the euro zone and Britain painted a picture of a downward trend that may affect demand for oil.
By 1520 GMT, Brent crude futures fell $1.76, or two percent, to $88.07 per barrel, while US West Texas Intermediate crude futures fell $1.91, or 2.2 percent, to $83.58 per barrel.
Data showed that business activity in the euro zone took a sudden turn for the worse this month, indicating that the bloc may slide into recession.
German data indicated that the country will witness a wave of recession, while British companies announced another decline in activity this month, confirming the risk of exposure to a recession before the Bank of England’s decision on interest rates next week.
The two crude oil standards fell more than two percent yesterday, Monday, with the intensification of diplomatic efforts in the Middle East, the largest oil supply region in the world, to contain the conflict between Israel and the Palestinian Islamic Resistance Movement (Hamas).
Hamas said on Monday that it had released two Israeli women who were among more than 200 hostages it held during its October 7 attack in southern Israel, while sources said that the United States had advised Israel to refrain from a ground attack in the Gaza Strip.
A preliminary poll conducted by on Monday showed that US crude inventories are expected to rise last week while distillate and gasoline inventories fall.
The poll was conducted ahead of reports from the American Petroleum Institute industry group, scheduled for 2030 GMT on Tuesday, and the Energy Information Administration, the statistical arm of the US Department of Energy, at 1430 GMT on Wednesday.