Brent crude falls below $70 per barrel

LONDON: The main international oil contract, Brent crude, fell below $70 per barrel on Tuesday for the first time since December 2021 amid concerns about slowing economic growth depressing fuel demand.

Brent crude slumped 3.7 percent in afternoon trading to $69.15 per barrel while the main US contract, West Texas Intermediate (WTI), tumbled 4.1 percent to $65.90.

Oil analyst Tamas Varga at PVM Oil Associates said the OPEC oil cartel revising its demand estimates lower was one reason for the fall, but not the main one as the changes were minimal.

“Chinese economic woes -- August crude oil imports fell 7 percent on the year -- and the growing belief that the Fed will only cut 0.25 percent next week weigh more heavily in the current sell-off,” he told AFP.