Oil prices are spiraling downwards.

Global oil prices slid for the third straight day Tuesday, reflecting investors' deepening concerns about declining demand.

Brent crude, the global price benchmark, for September delivery fell as much as 1.7% to a one-month low of $83.40 per barrel. Since July 4, brent crude has dropped 4.6%.

Concerns About Slowing Demand from China

Traders and investors blamed the decline on worries that China's economy can't sustain previously anticipated oil consumption. The country's second-quarter economic growth slowed more than expected. In addition, doubt persists about the willingness of top Communist Party officials to reform an economy hamstrung by a depressed real estate sector.

Meanwhile, average crude shipments from Russia in the past four weeks dropped to their lowest level since January, potentially signaling demand weakness elsewhere. The decline also could indicate increased compliance with OPEC+ output restrictions.

U.S. Economy Also Slowing

U.S. economic growth also has weakened, with gross domestic product in the first-quarter advancing just 1.4% on an annualized basis. That marked the weakest growth since the second quarter of 2022 and significant decline from 3.4% in last year's fourth quarter.