Oil prices fall nearly 2.0pc on China data

LONDON, Oct 15 (Reuters): Oil prices fell further on Tuesday, after heavy losses in the previous session following two days of weak Chinese data and as investors continued to fret over prospects for a US-China trade deal despite signs of a truce last week.

Brent crude LCOc1 fell $1.04, or 1.75 per cent, to $58.31 a barrel by 0905 GMT, while US West Texas Intermediate (WTI) crude CLc1 dropped 98 cents, or 1.83 per cent, to $52.61.

The National Bureau of Statistics (NBS) reported on Tuesday that China's factory gate prices declined at the fastest pace in more than three years in September.

That followed customs data on Monday that showed Chinese imports had contracted for a fifth straight month. The US-China trade dispute also continued to cast a shadow on the global economy.

US President Donald Trump on Friday outlined the first phase of a deal to end the trade war with China and suspended a threatened tariff hike, however an agreement has remained elusive and questions loom over future oil demand.

"The oil market saw sharp losses as the first steps taken by the US and China were seen with caution," global oil strategist at BNP Paribas in London Harry Tchilinguirian told the Reuters Global Oil Forum.