Oil prices fall further

Global oil prices fell further Tuesday on stubborn concerns over high supplies and slowing Chinese demand.

US benchmark West Texas Intermediate for delivery in September dropped 27 cents to $47.12 a barrel compared with Monday's close.

Brent North Sea crude for September delivery shed 71 cents to stand at $52.76 a barrel in London midday deals.

Crude futures had slid for a fourth straight session on Monday as the steepest drop in Chinese equities since 2007 fuelled fears about reduced demand in China, the world's top energy consumer.

"When the Chinese market drops to such an extent, it sparks a lot of fear among investors. The drop in crude oil prices is because of that fear," said Daniel Ang, an investment analyst with Phillip Futures in Singapore.

"We really have to see how the China market will move going forward," he told AFP.

Analysts fear the turmoil in China's stock market will affect demand in the country that has the world's second biggest economy.

Oil prices have also been depressed owing to an oversupply of global crude coming from strong production in the United States as well as from the Organization of the Petroleum Exporting Countries that is led by Saudi Arabia.