Oil prices mixed on receding support from China's steps to revive economy

Brent crude oil price news: Oil prices were mixed on Tuesday as support from China's measures to shore up its economy vanished, offsetting expectations of an extension in supply cuts by two leading OPEC+ members Saudi Arabia and Russia Brent crude futures for November fell 10 cents, or 0.11 per cent, to $88.90 a barrel. U.S. West Texas Intermediate crude (WTI) October futures rose 33 cents, or 0.39 per cent, to $85.88 at 0029 GMT.

Brent crude oil price news: Oil prices were mixed on Tuesday as support from China's measures to shore up its economy vanished. Image: Reuters

Brent crude oil price news: Oil prices were mixed on Tuesday as support from China's measures to shore up its economy vanished, offsetting expectations of an extension in supply cuts by two leading OPEC+ members Saudi Arabia and Russia Brent crude futures for November fell 10 cents, or 0.11 per cent, to $88.90 a barrel. U.S. West Texas Intermediate crude (WTI) October futures rose 33 cents, or 0.39 per cent, to $85.88 at 0029 GMT.

Saudi Arabia is widely expected to extend voluntary oil cuts into October and Russia will unveil a new OPEC+ supply cut deal this week, according to its deputy prime minister. "Data released last week showed that increasing exports from Iran and Nigeria are being offset by falls in Saudi Arabian output," ANZ Research said in a note, adding that news from Russia also helped ease concerns of increasing supply elsewhere.

On the downside, markets have overall priced in China's recent measures to boost the country's faltering economy, offsetting support from the expected oil supply cuts. In Japan, the world's third biggest economy, household spending in July fell 5.0 per cent from a year earlier, deeper than a forecast decline of 2.5 per cent and continuing into a fifth month of falls.

TAGS:

Brent Crude Commodities