Oil prices tumbled on Tuesday as China posted its weakest economic expansion in nearly three decades and the IMF revised its global growth forecast lower, raising fresh concerns about fuel demand.
Crude futures and equities came under renewed pressure in afternoon trading after the Trump administration canceled a meeting with Chinese counterparts to advance trade negotiations.
U.S. West Texas Intermediate crude futures ended Tuesday's session down $1.23, or 2.3 percent, to $52.57. Brent crude, the international benchmark for oil prices, dropped $1.20, or 1.9 percent, to $61.54 just before 2:30 p.m. ET.
WTI earlier touched a fresh six-week high above $54 a barrel. Both WTI and Brent have posted three straight weeks of gains, rising 18 percent and 20 percent, respectively, through last Friday.
But futures gave back some of last week's gains on Tuesday as trading got back underway following the Martin Luther King Jr. holiday in the United States.
The IMF on Tuesday cut its outlook for global economic growth in 2019 to 3.5 percent, down from an early forecast of 3.7 percent.
"It seems a distinct amount of economic concern is rising up, compounded by the IMF report that came out showing a downward revision to economic growth," said Matt Smith, head of commodity research at tanker-tracking firm ClipperData.
Fears of a slowing global economy have stoked concern about faltering demand for fuel. The fears have largely been driven by an ongoing trade dispute between the United States and China, the world's two biggest economies and top oil consumers.
The Trump administration has canceled a meeting among the U.S. Treasury Department, the United States Trade Representative and Chinese vice minister of finance scheduled for this week, a source told CNBC. The move came as progress on negotiations over intellectual property protections stalled and Washington sought a better deal from Beijing, the source said.