Sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. REUTERS/Angus MordantRegister now for FREE unlimited access to Reuters.comSummaryPrices fell to lowest in more than 2 weeks on MondayFactories squeezed by higher prices, weak customer demandU.S. targets Chinese, UAE firms in new Iran oil sanctionsAug 2 (Reuters) - Oil prices edged lower on Tuesday, extending losses from the previous session, as investors worried about global oil demand following weak manufacturing data in several countries.Brent crude futures fell 29 cents to $99.74 a barrel by 0002 GMT, with WTI crude futures down 22 cents at $93.67 a barrel.The slide came after Brent futures slumped on Monday to a session low of $99.09 a barrel, their lowest since July 15. The U.S. crude benchmark dropped to as low as $92.42 a barrel, its weakest since July 14.Register now for FREE unlimited access to Reuters.comPrices have been volatile, as investors weigh tight global supply with fears of a potential global recession.Recessionary concerns were heightened on Monday as surveys from the United States, Europe and Asia showed that factories struggled for momentum in July. Flagging global demand and China's strict COVID-19 restrictions slowed production. read more The price drops also come as market participants await the outcome of a meeting on Wednesday between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+, to decide on September output.A Fox Business news reporter said Saudi Arabia will push OPEC+ to increase oil production at the meeting. read more Two of eight OPEC+ sources in a Reuters survey said that a modest increase for September would be discussed at the Aug. 3 meeting. The rest said output is likely to be held steady. read more Meanwhile the United States on Monday imposed sanctions on Chinese and other firms it said helped to sell tens of millions of dollars' in Iranian oil and petrochemical products to East Asia as it seeks to raise pressure on Tehran to curb its nuclear programme. read more Register now for FREE unlimited access to Reuters.comReporting by Stephanie Kelly; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.
Oil prices slip as weak manufacturing data stokes recession fears.