Oil Falls on Weak China Demand Fears, US Rate Rise Forecast

Oil prices fell in Asian trade on Tuesday, extending losses seen in the previous session, as weak economic data from China and expectations of a US interest rate increase weigh on the market.

Brent crude was down 0.3%, or 24 cents, to $79.07 a barrel, while US West Texas Intermediate (WTI) crude fell 0.3%, or 25 cents, to $75.41 a barrel.

Both benchmarks fell by more than $1 in their last session.

The US Federal Reserve is expected to increase interest rates by another 25 basis points. Interest rate increases by inflation-fighting central banks could impact oil by slowing economic growth and denting energy demand.

Source: Qatar News Agency