Oil prices drop as demand worries persist

New York [US], August 17: Oil prices fell noticeably on Tuesday, as demand concerns predominated.
The West Texas Intermediate for September delivery lost 2.88 U.S. dollars, or 3.2 percent, to settle at 89.41 dollars a barrel on the New York Mercantile Exchange, marking its lowest finish since late January.
Brent crude for October delivery decreased 2.76 dollars, or 2.9 percent, to close at 92.34 dollars a barrel on the London ICE Futures Exchange.
Market participants continued to worry that a slowing global economy would hurt energy demand.
Traders also awaited data on U.S. fuel stockpiles as the U.S. Energy Information Administration is set to release its weekly petroleum status report on Wednesday.
On Monday, the U.S. crude benchmark and Brent shed 2.9 percent and 3.1 percent, respectively.
Source: Xinhua