Oil prices tumbled more than 6 percent on Tuesday in heavy trading volume, with U.S. crude diving to its lowest level in more than a year, caught in a broader Wall Street selloff fed by mounting concerns about a slowdown in global economic growth.

The Trump administration on Tuesday said that China has failed to alter its "unfair" practices at the heart of the U.S.-China trade conflict, adding to tensions ahead of a high-stakes meeting later this month between U.S. President Donald Trump and Chinese President Xi Jinping.

U.S. companies' borrowing to spend on capital investment rose 6 percent in October from a year earlier, a trade group representing capital equipment lenders said on Tuesday.

A jump in the price of wool from drought-ravaged Australia, the world's top exporter of high-quality fleeces, is rattling through the global clothing supply chain, with some mills passing along costs and retailers cutting down on wool or raising prices.  

The European Commission will on Wednesday take the first step towards disciplining Italy over its draft 2019 budget, backed by euro zone governments worried that Rome's borrow-and-spend plans could trigger another debt crisis that would hurt them all.

British Columbia's premier said on Tuesday his government will introduce legislation next year that will require all new light-duty cars and trucks sold in the province by 2040 to be electric or zero-emission vehicles.

U.S. stocks sold off for a second day on Tuesday as energy shares dropped with oil prices, and retailers including Target and Kohl's sank after weak earnings and forecasts, fueling worries about economic growth.

NEW YORK (LPC) - Bondholders of Greek fuel services provider Aegean Marine Petroleum Network Inc are objecting to a US$532m debtor-in-possession (DIP) loan from Mercuria Energy Group that could give the Swiss commodities trader a controlling stake in the company and push their recoveries into cents on the dollar territory, three sources familiar with the situation said.

The United States said on Tuesday it had moved to disrupt an Iranian-Russian network that sent millions of barrels of oil to Syria and hundreds of millions of dollars to indirectly fund militant groups Hamas and Hezbollah.

World equity markets and oil prices tumbled on Tuesday as investors grew more worried about economic growth prospects, while the U.S. dollar rose on flight to safe-haven currencies.