Oil Prices Drop Over 1%

Oil prices fell by more than 1 percent on Tuesday due to concerns over a slowdown in the Chinese economy, which is impacting demand, despite growing consensus that the US Federal Reserve may start cutting interest rates in September. Brent crude futures dropped by $1.31, or 1.54 percent, to settle at $83.54 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude fell by $1.41, or 1.72 percent, to $80.50 per barrel. Source: Qatar News Agency