Oil continued to fall as poor economic data hurt confidence

International benchmarks for crude oil extended the weakening trend on Tuesday, 16 August 2022 as investors remained concerned over poor China’s economic data in July. Industry experts worried if China’s growth crisis deepens, it would be harder to avoid a global economic recession.

Brent fell $2.76 or 2.9% to close at $92.34/barrel.

WTI plunged $2.88 or 3.2% to settle at $86.53/barrel.