Tuesday saw a 2.5-month low in global oil prices as conflicting economic data from China overshadowed the effects of Saudi Arabia and Russia’s decision to prolong their supply cutbacks.
As of 14:28 GMT, US West Texas Intermediate crude was down $2.05, or 2.5 percent, at $78.77 per barrel, while Brent crude futures were down $2.11, or 2.5 percent, at $83.07 a barrel. West Texas and Brent crude both fell to their lowest points since late August.
Read More: Rupee Loses Big Against Major Currencies
In October, China’s imports of crude oil increased significantly month over month and year over year, while its exports declined more quickly than anticipated.
Refineries in China are anticipated to reduce in November and December, which might restrict the demand for oil and accelerate price drops.
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