Oil prices dip amid weak demand and economic concerns

Oil prices fell on Tuesday, extending losses from the previous session amid concerns about demand in China, the world’s largest crude importer, while the market shrugged off the risk of conflict escalating in the Middle East.

Brent crude oil futures fell by 40 cents, or 0.5 per cent, to $79.38 a barrel by 0640 GMT. US crude futures were down 43 cents, or 0.6 per cent, at $75.38 a barrel.

A raft of disappointing economic news out of China has shaken markets recently. China’s...