International benchmark Brent crude futures fell by $1.14 to $92.12 per barrel by 0923 GMT, after easing 0.3% in the previous session
Oil prices fell by more than $1 per barrel on Tuesday as bearish economic data from key global economies heightened demand fears.
Supply and demand fundamentals remain largely stable, leaving economic sentiment center-stage for the oil market, said Vandana Hari, founder of oil market analysis provider Vanda Insights. Government data on Monday showed China’s crude oil imports in September were 2 per cent lower than a year earlier, continuing a trend of lower imports at the same time it reported slowing retail sales.
Goldman Sachs CEO David Solomon said on Tuesday he believes a U.S. recession is “most likely,” while a recession may be occurring in Europe.