Oil prices edged lower in Asian trade on Tuesday, extending losses from the previous session as weak U.S. and European economic data raised some questions about the demand outlook.
But prices remained near three-month highs, boosted by bets that cold weather in the U.S. and Europe will help boost near-term demand.
Hopes for more stimulus measures in top oil importer China also continued to factor into prices, with focus shifting to upcoming inflation data from the country this week.
Brent crude for March delivery fell 0.3% to $76.08 a barrel, while West Texas Intermediate crude fell 0.4% to $72.65 a barrel by 8:05 p.m. ET (01:05 GMT). Weaker-than-expected U.S. purchasing managers' index data for December raised concerns that business activity in the world's largest fuel consumer is slowing, suggesting a weaker demand outlook. Data on durable goods and factory orders also came in weaker than expected. (AL)
Source: Investing.Com
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