Mubasher: Oil prices fell on Tuesday, extending heavy losses in the preceding session, after figures from China accentuated worries about fuel consumption growth in the world’s second biggest crude importer, according to Reuters.

By 9:21 am GMT, US Nymex crude futures fell by 1.81% to $52.62 per barrel (pb), while global benchmark Brent futures dropped by 1.82% to $58.27 pb.

For two consecutive days, China has been hit by poor figures. The National Bureau of Statistics (NBS) on Tuesday reported that factory gate prices fell last September at the fastest pace since over three years.

On Monday, customs data showed Chinese imports plunged for the fifth month running.

On the trade front, the prolonged disputes between the US and China continued to drag on the global economy and cast uncertainty on future oil demand, even with claims of progress toward a pact.

All those bearish factors muted any support oil markets might have found from fears about possible escalation of the geopolitical tensions in the Middle East.

However, prices could still have support this week as traders expected a drop in crude oil stockpiles in the US.

Industry group the American Petroleum Institute (API) is due to release its weekly report pertaining the US oil crude stockpiles later in the day, to be followed by data from the US Energy Information Administration (EIA).