Oil slips
Oil prices fell by more than 1.5 percent on Tuesday after data showed China's imports and exports fell much more than expected in July in yet another sign of a sluggish post-Covid rebound for the world's largest oil importer.
Brent crude futures were down $1.41, or about 1.7 percent, at $83.93 a barrel at 1341 GMT. US West Texas Intermediate crude was down $1.46, or about 1.8 percent, at $80.71. WTI fell by $2 earlier in the session.
China's July oil imports were down 18.8 percent from the previous month to the lowest daily rate since January, but still up 17 percent from a year earlier.
Overall, China's imports contracted by 12.4 percent in July, far steeper than the expected 5 percent drop. Exports fell by 14.5 percent, compared with a fall of 12.5 percent tipped by economists.
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