Another steep drop in the price of oil weighed on global markets Tuesday. Benchmark US oil slumped 5.5 percent to $29.88 a barrel in New York, a day after it plunged nearly 6 percent. Brent crude lost 4.4 percent to $32.72 in London. Investors are deeply concerned about the global economy following this week’s disappointing Chinese and US manufacturing data. Energy stocks fell as Exxon Mobil and Chevron (down 2.2 and 4.7 percent, respectively) reported their worst quarterly results in more than a decade. Bank stocks declined on worries that oil prices will cause more energy loans to go bad, and that the slowing economy might affect bottom lines. There’s also concern a slowdown might put the brakes on the Federal Reserve’s plans to raise interest rates; higher rates help banks make more profit on loans. JPMorgan Chase lost 3.1 percent, Bank of America dropped 5.2 percent, and Citigroup fell 5 percent. US government bond prices rose as investors sought safety. ‘‘The fear trade is alive and well and experiencing a resurgence. It’s all about focusing on defensive plays right now,’’ said Kristina Hooper, at Allianz Global Investors.