Oil prices steady as China’s economic woes offset expected supply cuts
Oil prices were mostly flat on Tuesday as data showing China’s economy was still struggling with a post-pandemic recovery offset expectations of an extension in supply cuts by leading OPEC+ members Saudi Arabia and Russia.
Brent crude futures for November fell 9 cents, or 0.10%, to $88.91 a barrel. U.S. West Texas Intermediate crude (WTI) October futures rose 34 cents, or 0.4%, to $85.89 at 0315 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.
