Investing.com - Investing.com - Crude oil prices dipped early in Asia on Tuesday ahead of industry data on U.S. stocks from the American Petroleum Institute and HSBC's China PMI flash survey for September.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $90.80, down 0.04%, after hitting an overnight session low of $90.426 a barrel and a high of $91.92 a barrel.
In China, the flash HSBC manufacturing PMI is due for September with a reading of a borderline between expansion and contraction of 50 expected, down from last month's final of 50.2, a three-month low.
The API data later Tuesday comes ahead of the more closely watched stocks data from the Department of Energy on Wednesday.
Overnight, disappointing U.S. housing data coupled with ongoing concerns that the global economy is awash in crude while demand remains soft sent oil futures falling on Monday.
The National Association of Realtors reported earlier that existing home sales in the U.S. unexpectedly fell 1.8% to an annual unit rate of 5.05 million in August.
Analysts had expected existing home sales to rise 1% to 5.20 million units, and the figures sent oil prices falling on fears that U.S. recovery continues to face headwinds and may consume less fuel and energy than once thought.
Concerns that global oil supply is outstripping demand also battered crude futures.
While the U.S. economy is gaining steam despite hiccups here and there, Europe and China are still battling potholes, which has taken its toll on energy markets.
European Central Bank President Mario Draghi said earlier that economic activity in the euro area has slowed and added he saw risks of a further downturn.
The global Brent oil benchmark fell 1.4% to $96.97 a barrel on Monday.
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