WTI prices have fallen Tuesday, giving up some of the strong gains from the last three days, as worries about China’s economy hit the markets.
WTI for October delivery fell 8.39%, to $45.07 a barrel on the New York Mercantile Exchange.
Official and private gauges of Chinese manufacturing activity in August fell to new lows, indicating that the country’s economy continued to contract. This has driven concern that petroleum demand in China, the No. 2 oil-consuming nation, will slow.
The in crude comes amid a broad sell-off in stocks around the world, with major US stock indexes currently down 1%.