Oil dips $1 on global economic concerns

HOUSTON: Crude oil prices dipped on Tuesday on concerns about a global economic slowdown and expected build in US oil inventories.

Brent futures for March delivery fell $1.15 to $87.04 a barrel, a 1.3 percent loss, by 11:11 a.m. EST (1611 GMT). US crude fell 96 cents, or 1.2 percent, to $80.66 per barrel.

US business activity contracted in January for the seventh straight month, though the downturn moderated across both the manufacturing and services sectors for the first time since September and business confidence strengthened as the new year began.