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On Tuesday, international oil prices reached their lowest point in 2.5 months. This decline was influenced by the decision of Saudi Arabia and Russia to extend output cuts, although it was partially balanced by mixed economic data coming from China.
At 1428 GMT, Brent crude futures saw a decrease of $2.11, which is equivalent to a 2.5 percent drop, bringing the price down to $83.07 per barrel. Simultaneously, US West Texas Intermediate crude also decreased by $2.05 or 2.5 percent, settling at $78.77 per barrel. This marks the lowest point for both Brent crude and US West Texas Intermediate since late August.
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While China experienced strong month-on-month and year-on-year growth in its crude oil imports for October, its exports shrank more than anticipated.
Nevertheless, there is an anticipation of reduced demand for oil in November and December due to expected cutbacks by Chinese refineries, which could further contribute to the downward pressure on oil prices.
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