a view shows oil tanks of transneft oil pipeline operator at the crude oil terminal kozmino on the shore of nakhodka bay near the port city of nakhodka russia august 12 2022 reuterstatiana meel aug 16 reuters  oil prices fell on tuesday extending losses from the previous session after economic data from china the worlds largest crude importer spurred fresh concerns about a potential global recession that could hit energy demand brent crude futures fell 90 cents or 1 to 9420 a barrel by 0003 gmt wti crude futures fell 81 cents or 09 to 8860 a barrel oil futures fell about 3 during the previous session prices fell after disappointing economic data from china the countrys central bank cut lending rates to revive demand as data showed the economy slowing unexpectedly in july with factory and retail activity squeezed by beijings zerocovid policy and a property crisis read more chinas fuel product exports will rebound in august to near the highest for the year so far after beijing issued more quotas in june and july although broader curbs are set to cap shipments at sevenyear lows for 2022 analysts and traders said read more in the united states total output in the major us shale oil basins will rise to 9049 million bpd in september the highest since march 2020 the us energy information administration eia said in its productivity report on monday read more market participants awaited industry data on us crude stockpiles due later on tuesday oil and gasoline stockpiles likely fell last week while distillate inventories rose a preliminary reuters poll showed on monday investors also watched talks to revive the 2015 iran nuclear deal oil supply could rise if iran and the united states accept an offer from the european union which would remove sanctions on iranian oil exports analysts said read more iran responded to the european unions final draft text to save a 2015 nuclear deal on monday an eu official said but provided no details on irans response to the text the iranian foreign minister called on the united states to show flexibility to resolve three remaining issues