Extending losses for third straight session, crude oil futures ended lower on Tuesday amid concerns about the outlook for demand from China after data showed growth in the world's second largest economy slowed in the second quarter. Data showed China's gross domestic product expanded 4.7% year-on-year in the second quarter. That was weaker than street’s forecast of 5.1% expansion and also down from the 5.3% growth posted in the three months to March. A slightly stronger dollar also weighed on oil prices.
Benchmark U.S. crude oil futures for August delivery fell $1.15 or about 1.4% to $80.76 per barrel on the New York Mercantile Exchange. Brent crude for September delivery dropped $1.02 or 1.2% to $83.83 per barrel on London's Intercontinental Exchange.