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U.S. equities fell on Tuesday with the S&P 500 and Dow posted their worst fall in over a month on Tuesday after data showed U.S. factory activity shrank in September to its weakest in over a decade, raising worries that the U.S.-China trade war has taken a toll on the world's largest economy. Investors moved to the safety of U.S. Treasuries after the ISM report showed its manufacturing activity index at 47.8, falling further from August's sharp contraction and below economists' expectations of 50.1.

Ecuador’s energy ministry said in a statement on Tuesday that the country is set to leave OPEC at the start of next year 2020. "The decision is based on the issues and internal challenges that the country must take on related to fiscal sustainability," the energy ministry said in a statement, without providing further details. "

Oil exports from Iraq fell to 3.576 bpd in September, down from 3.603 bpd the previous month, according to statement released by the oil ministry. Exports from its southern Basra terminals fell to 3.434 million bpd, down from 3.468 million bpd in August, it said.

Late on Tuesday, industry group the American Petroleum Institute said that U.S. crude inventories drew down by 5.92 mil bbls last week, while stockpiles at the Cushing, Oklahoma hub  rose by 373,000 bbls, API data showed.