Crude oil traded further lower on Tuesday as lackluster economic data in major economies highlighted an increasingly gloomy outlook for the global economy.
By the end of the Asian session, Brent crude oil futures were trading at $98 a barrel after losing 3.7% in the previous session.
Meanwhile, US WTI crude oil traded at $93 per barrel following a loss of almost 5% recorded on Monday.
The latest data published in the New York session showed the US manufacturing sector fell slightly in July, weighed down by a decline in output and new orders.
Not only in the US, but investors also saw manufacturing activity in Europe and Asia struggling to gain growth momentum last month.
Investors are now looking forward to a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, known as OPEC+, to set output for September.
