Oil prices fall as gloomy industrial data stokes fears of a recession

Oil prices fell on Tuesday, extending losses from the previous session, as investors fretted about global oil demand in the aftermath of dismal industrial data from a number of countries.

Brent crude prices decreased 29 cents to $99.74 per barrel at 0002 GMT, while WTI crude futures down 22 cents to $93.67 per barrel.

On Monday, Brent futures reached a session low of $99.09 a barrel, their lowest level since July 15. The benchmark price for U.S. crude plummeted to $92.42 a barrel, its lowest level since July 14.

As investors weigh a limited global supply against the risk of a global recession, prices have fluctuated.

U.S., European, and Asian surveys released on Monday suggested that manufacturers struggled for momentum in July, stoking worries of a recession. The combination of diminishing global demand and China's strict COVID-19 restrictions hampered production.

Investors are also awaiting the outcome of a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, notably Russia, to set September output.

A Fox Business journalist said that Saudi Arabia will press OPEC+ to increase oil production at the forthcoming conference.

According to two of eight OPEC+ sources questioned by Reuters, a modest increase for September would be discussed at the August 3 meeting. The remaining respondents anticipate that output will stay constant.

In an effort to boost pressure on Tehran to cease its nuclear program, the United States imposed sanctions on Chinese and other firms on Monday, alleging that they helped in the sale of Iranian oil and petrochemicals worth tens of millions of dollars to East Asia.