Oil slips on weak Chinese demand fears, U.S. rate rise forecast

News Snapshot:

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 U.S. interest rate increase weigh on the market. Brent crude was down 0.3 per cent, or 24 cents, to $79.07 a barrel by 0615 GMT, while U.S. West Texas Intermediate (WTI) crude fell 0.3 per cent, or 25 cents, to $75.41 a barrel. Both benchmarks fell by more than $1 in their last session. “The downside pressure on oil is that China’s economic recovery is not really promising, clouding the demand outlook on fuel consumption,”...