The price of crude oil for front-month contracts declined on Tuesday after underwhelming digits on China's gross domestic product seemingly rekindled concerns about the country's economic recovery, fueling uncertainty about the commodity's demand of the world's second-largest importer.
Industrial production across the euro area slowed in May, further exacerbating worries about crude consumption on global markets.
West Texas Intermediate (WTI) for August settlements dropped 1.56% to go for $80.59 per barrel at 7:35 am ET. Brent for September deliveries fell 1.43% to $83.60 a barrel.
