Oil prices dipped on Tuesday as fresh data added to gloom over the state of China’s post-pandemic recovery, although expectations of an extension in supply cuts by leading OPEC+ members limited losses.
By 0754 GMT, Brent crude futures for November were down 65 cents at $88.35 a barrel, while U.S. West Texas Intermediate crude (WTI) October futures edged 17 cents lower to $85.38 a barrel.
China, the world’s second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. Its sluggish economic activity has frustrated markets as pledged stimulus has fallen short of expectations.
