Oil falls under pressure from increased US supply and lower Chinese demand

Oil prices settled lower, on Tuesday, amid fears of an increase in US supply coupled with an economic slowdown and a decline in Chinese demand for fuel.

Brent crude futures fell $1.59, or 1.7 percent, when settling at $90.03 a barrel, while US West Texas Intermediate crude fell $2.64, or 3.1 percent, to $82.82 a barrel.

China, the world’s largest importer of crude oil, indefinitely postponed the release of economic indicators that were due to be published on Tuesday, signaling to the market that demand for the fuel is significantly lower in the region.