Doha: Oil prices extended declines on Tuesday, down by over $1 per barrel to their lowest level since July 20. Brent crude futures were down $1.47, or 1.66%, at $86.89. US West Texas Intermediate (WTI) crude was at $81.16 a barrel, down $1.45, or 1.76%. Both contracts slid around 8% in the prior session.

According to Qatar News Agency, the decline in oil prices comes amid concerns over global economic growth and its impact on oil demand. The market is reacting to various factors, including recent economic data and monetary policy decisions from major economies, which have raised concerns about a potential slowdown in economic activity. Additionally, fluctuations in supply dynamics have also contributed to the current trend in oil prices.