07.11.202308:37:00UTC+00Oil Prices Tumble On Demand Worries

Oil prices tumbled to one-month lows on Tuesday as Middle East tensions receded and China reported mixed trade data, stoking fresh concerns over economic headwinds.

Benchmark Brent crude futures fell 2 percent to $83.51 per barrel, while WTI crude futures were down 2 percent at $79.20.

Israel once again rejected calls for a ceasefire but said it's open to Gaza fighting pauses to facilitate the entry of aid or the exit of hostages from the Gaza Strip.

Fed rate worries and disappointing exports data from China also raised concerns over sluggish fuel demand.

Minneapolis Fed President Neel Kashkari said on Monday that inflation settling above 2 percent would be very concerning and he's not convinced rate hikes are over.

China's exports shrank 6.4 percent year-on-year in October, while imports unexpectedly grew 3.0 percent to snap 11 straight months of decline, official data showed in a sign that recovery in the world's second-largest economy remains uneven despite a series of government stimulus measures.