Commodities: Oil prices are mixed as support for China’s stimulus measures weakens – Today

Oil prices were mixed on Tuesday as support for China’s measures to revive its economy faded, offsetting expectations of an extension to supply curbs by the two main OPEC+ members, Saudi Arabia and Russia.

Brent crude futures for November were down 10 cents, or 0.11%, at $88.90 a barrel. U.S. West Texas Intermediate (WTI) crude futures for October were up 33 cents, or 0.39%, at $85.88 by 00:29 GMT.

Saudi Arabia is expected to extend voluntary oil supply curbs in October and Russia will unveil a new OPEC+ supply cut deal this week, its deputy prime minister said.

“Data released last week showed that increased exports from Iran and Nigeria were offset by lower output from Saudi Arabia,” ANZ Research said in a note, adding that news from Russia also helped ease concerns about increased supply in other countries.

In contrast, recent steps China has taken to revive its faltering economy have pushed prices higher, negating support from expected oil supply cuts.

In Japan, the world’s third-largest economy, household spending fell 5% in July from a year earlier, beating forecasts of 2.5% and continuing its fifth month of decline. (Reporting by Katya Golubkova Editing by Shri Navaratnam)

Elliot Frost

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