Oil falls more than 3pc

Oil prices fell by more than 3 per cent in volatile trade on Tuesday on fears of higher US supply amid an economic slowdown and lower Chinese fuel demand. Brent crude futures fell by $2.37, or 3.6pc, to $89.25 a barrel by 12:29 p.m. EDT (1629 GMT). US West Texas Intermediate (WTI) crude futures were down $3.12, or 3.7pc, at $82.34, having risen by over $1 earlier in the session. China, the world’s top crude oil importer, indefinitely delayed release of economic indicators originally scheduled to be published on Tuesday, indicating to the market that fuel demand is significantly depressed in the region. “It’s not a good sign when China decides not to publish economic figures,” said John Kilduff, partner at Again Capital LLC in New York.