Global oil prices extended their slide on Monday weighed by weakening demand in Europe and Asia, while refineries in Philadelphia and Ohio were hit hard by fires over the weekend, curtailing demand for crude in the US.
Brent crude was little changed just below $98 a barrel on Tuesday, holding gains after recovering from its lowest price in more than two years but capped by a soft global economic outlook.
Data reflecting lacklustre manufacturing
Gold dropped to fresh eight-month lows on Monday on fears that the US Federal Reserve may signal an early interest rate hike at this week's policy meeting, while the strength in the dollar and weak physical demand also weighed on bullion.
The soft retail demand and prudential consumer shopping patterns is causing a lot of concern among majority of the retailers in Dubai on the eve of the emirate's biggest shopping festival.
The latest figures from Datamonitor’s monthly
Oil fell from a four-month high on Friday to around $51 a barrel, paring the previous session's 7 percent rise, as the dollar edged higher and attention returned to weak demand and high inventories.
The market surged on Thursday to $51.61,