More than 80 percent of oil production in the Gulf of Mexico remains shut RIYADH: Oil prices fell on Tuesday, extending losses from the previous session, as Saudi Arabia’s sharp cuts in crude contract prices for Asia sparked fears over slower demand, but strong Chinese economic data and US output outages capped losses. Brent crude futures fell 93 cents, or 1.3 percent, to $71.30 a barrel, after falling 39 cents on Monday. West Texas Intermediate crude was at $67.84 a barrel, down $1.45 or 2.1 percent, from Friday’s close, with no settlement price for Monday due to the Labor Day holiday in the US. Analysts said the oil market was still assessing the data from Friday as well as Saudi Aramco’s move on Sunday to cut October official selling prices (OSPs) for all its crude grades sold to Asia by at least $1 a barrel. The deep price cuts, a sign that consumption in the world’s top-importing region remains tepid, come as lockdowns across Asia to combat the delta variant of the coronavirus have clouded the economic outlook. “There’s some concern about demand going forward because of a weak jobs report in the US and COVID fears. The market is catching a bad mood,” said Phil Flynn, an analyst at Price Futures Group in Chicago. More than 80 percent of oil production in the Gulf of Mexico remains shut in after Hurricane Ida, a US. regulator said. About 1.5 million barrels per day of oil production, or 84 percent, remains shut, while another 1.8 billion cubic feet per day of natural gas output, or 81 percent was offline, the Bureau of Safety and Environmental Enforcement said. Ads by optAd360 China’s crude oil imports rose 8 percent in August from a month earlier, data showed, as refiners resumed purchases following the issue of new import quotas. Strong global demand helped to grow exports in China faster in August and helping take some of the pressure on the world’s second-biggest economy.