Oil drops over 1% on worries about Chinese economy

Brent crude futures fell US$1.32, or 1.5%, to settle at US$84.89 a barrel, while US West Texas Intermediate crude (WTI) dropped US$1.52, or 1.8% to US$80.99.

NEW YORK: Oil prices fell over 1% on Tuesday on sluggish Chinese economic data coupled with fears that Beijing's unexpected cut in key policy rates was not sufficiently substantial to rejuvenate the country's sputtering post-pandemic recovery.

Brent crude futures fell US$1.32, or 1.5%, to settle at US$84.89 a barrel, while US West Texas Intermediate crude (WTI) dropped US$1.52, or 1.8% to US$80.99.