Crude oil prices fall by more than 2%

Concerns about slowing economic growth in the US and China were cited as the reason for the decline in crude oil prices on Tuesday, which fell 2% as investors reportedly feared the weak economy would reduce energy demand.

Some analysts expressed excessive concern about the price decline of more than two percent, saying it was within the range of a normal correction after the price rose by six dollars a barrel last week.

West Texas Intermediate Crude, the benchmark price in the US, fell $1.89, or 2.4%, to close at $75.53 a barrel on the New York Mercantile Exchange.

The world standard, Brent crude oil, fell $1.88, or 2.3%, to close just under $80 at $79.55 a barrel on ICE Futures Europe.

The fall in crude oil prices also led to losses in most energy stocks in Oklahoma. At least 3% losses were recorded Mach Natural Resources And NGL energy partner.