FX.co ★ Oil Prices Slip On Weak China, Eurozone Data

Oil prices were moving lower on Tuesday as weak service sector data from China, the world's second largest economy and largest crude importer, fueled demand concerns.

Disappointing data from the euro area and the U.K. also signaled waning consumer demand and pointed to more headwinds for the global economy.

However, the downside in oil prices remained capped by expectations that OPEC+ would keep supplies tight and that the Federal Reserve will hold interest rates steady this month to avoid dampening the U.S. economy.

Benchmark Brent crude futures fell half a percent to $88.58 a barrel, while WTI crude futures were down 0.1 percent at 85.46.

China's services activity expanded at the slowest pace in eight months in August, a private-sector survey showed earlier today.

In Europe, the decline in euro zone business activity accelerated faster than initially thought last month, triggering worries the bloc could fall into a recession.

The U.K. services PMI hit the lowest reading since January and an ECB survey showed consumer expectations for euro zone inflation in the coming years edged up, adding to worries surrounding growth and inflation.