Oil prices ease as mixed China trade data offset supply cuts

Tokyo, Nov. 7 (BNA): Oil prices eased on Tuesday, giving up most of Monday’s gains as mixed economic data from the world’s second-largest oil consumer, China, and winter demand worries offset the impact of Saudi Arabia and Russia extending output cuts.

 

Brent crude futures slipped 47 cents, or 0.55%, to $84.71 a barrel by 0431 GMT, while U.S. West Texas Intermediate crude was at $80.45 a barrel, down 37 cents, or 0.46%, Reuters reported.

 

Both benchmarks gained about 30 cents on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year.

 

While China’s crude oil imports showed robust growth both year on year and month on month in October, the country’s total exports still contracted at a quicker pace than expected.

 

JA