Oil prices fell in Asian trade today after the latest data on economic development from China, the world's biggest importer of black gold, fueled fears of a looming global recession that will inevitably shrink demand, Reuters reported.

North Sea Brent futures, Europe's benchmark, fell 90 cents, or 1 percent, to $94.20 a barrel.

U.S. light crude lost 81 cents, or 0.9 percent, to $88.60 a barrel.

In the previous session, oil futures fell 3 percent.

Oil is getting cheaper in Asia

Data from China showed an unexpected slowdown in the economy in July under pressure from continued anti-Covid restrictions and a crisis in the real estate market.

Investors are also waiting for more information on attempts to revive the nuclear deal with Iran, which could open access for Iranian oil to global markets and further lower prices.

petrol