Oil market extended loses on weak EU economic data.
According to media reports, the latest German data suggested a recession in the country is underway while Britain’s business activities registered another month of decline.
International benchmarks for crude oil fell for the third straight session on Tuesday, 24 October 2023 following a series of weak economic data from Germany, the EU and Britain that weighed on the demand outlook.
Brent fell $1.76 or 2% to close at $88.07/barrel.
WTI dropped $1.75 or 2.1% to close at $83.74/barrel.
According to media reports, the latest German data suggested a recession in the country is underway while Britain’s business activities registered another month of decline.