Oil falls for third session; Brent below $84

Oil drilling rigs

Oil deepened its losses today, July 16, as markets assessed global demand outlook in light of the International Monetary Fund's (IMF) expectations that economic growth in China and India will slow to 5% and 7% this year from 5.2% and 8.2%, respectively.

Brent crude futures for September delivery slumped 1.3%, or $1.12, to close at $83.73 a barrel. WTI crude for August delivery fell 1.4%, or $1.15, to $80.76 per barrel.

The global economy is in a difficult position, with upside risks to inflation increasing the likelihood that interest rates will remain higher for longer, amid rising trade tensions and increased uncertainty, the IMF said in its July report.

The American Petroleum Institute's report on oil inventories is expected later today, and the US Energy Information Administration is scheduled to release official inventory data on July 17, amid expectations of a 900,000-barrel drop in crude inventories.