Brent oil in bear market as China-U.S. trade tensions mount

International benchmark Brent futures fell 87 cents, or 1.45%, to settle at $58.94 a barrel. West Texas Intermediate crude futures were down $1.06, or 1.94%, at $53.63 a barrel.

NEW YORK: Oil prices fell more than 1% on Tuesday, with Brent crude settling near seven-month lows below $60 a barrel as trade tensions between the U.S. and China intensified worries about weakening global demand.

During the session, Brent traded at a low of $58.81 a barrel, down more than 22% from its peak in April. That decline puts the global benchmark in "bear market" territory.