Oil prices weighed down by weak Asian demand

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Oil prices weighed down by weak Asian demand
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Oil prices fell on Tuesday, with both contracts heading for a fourth straight session of losses, weighed down by a weak demand picture in Asia and OPEC and its allies saying the market does not need more crude.

Brent crude was down 26 cents, or 0.3%, at $69.25 per barrel as of 0918 GMT, after rising as high as $69.77 earlier in the session.

U.S. West Intermediate crude slid 31 cents, or 0.4%, to $66.98 a barrel, after reaching $67.66 earlier. On the demand side, daily crude processing in China, the world's biggest oil importer, fell to its lowest in July since May 2020 as independent plants slashed production amid tighter quotas, high inventories and weakening profits.

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