FX.co ★ Oil Prices Tumble As Demand Concerns Weigh

Oil prices fell around 2 percent on Tuesday as investors fretted about a weakening demand outlook.

Benchmark Brent crude futures fell 1.7 percent to $91.59 a barrel while WTI crude futures were down 2.1 percent at $84.09.

OPEC on Monday cut its forecast for global oil demand growth this year by 100,000 barrels a day to 2.55 million barrels per day, citing mounting economic challenges including high inflation and rising interest rates.

China's factory output grew more slowly than expected in October, retail sales unexpectedly fell for the first time since May and property investment saw its biggest drop in 32 months, suggesting the world's second-largest economy is losing momentum as a result of protracted COVID-19 curbs and a property downturn.

Elsewhere, data showed Japan's economy unexpectedly shrank for the first time in a year in the third quarter.

Surging coronavirus cases in China also dashed hopes of a swift reopening of the world's second-largest economy.

The southern Chinese city of Guangzhou has the biggest caseload, with new daily infections of Covid-19 exceeding 5,000 for the first time and fuelling speculation that localised lockdowns could widen.