Brent crude futures were down 79 cents at $71.05 a barrel by 0948 GMT, while U.S. West Texas Intermediate crude lost 82 cents to $67.89
Oil prices gave up the previous day’s gains on Tuesday as weak Chinese demand offset U.S. supply disruptions from Tropical Storm Francine and global oil oversupply risks that continue to weigh on the market.
The tropical storm is forecast to strengthen significantly and become a hurricane on Tuesday, according to the National Hurricane Center . However, signs of weakening global demand and expectations of oil oversupply kept the market suppressed. And while data released on Tuesday showed China’s exports grew at their fastest in nearly 1-1/2 years in August, imports disappointed against a backdrop of depressed domestic demand.
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