Oil prices fell on Tuesday for the third straight session after bad economic data out of the Euro zone and Britian weighed on prices. Signs are pointing to a recession in the block and data of a Germany is indicating a recession is already underway. “There is definitely a dialogue on about the global economy being worse this week than it was last week,” said Mizuho analyst Robert Yawger. “It does not help that a lot of the top bankers and financial experts are in Saudi Arabia today talking about how bad the economy is,” Yawger added. Meanwhile, the release of hostages from Gaza and intensifying diplomatic efforts to contain the conflict between Israel and Hamas have also taken out the risk premium that helped push Brent prices to their highest in a month. WTI traded down $1.75 or -2.1% to close at $83.74. Brent traded down $1.76 or -2% to close at $88.07.