Oil prices at 2½-month lows as Chinese data offset supply cuts

News Snapshot:

Oil prices hit fresh 2½-month lows on Tuesday as mixed economic data from China offset the impact of Saudi Arabia and Russia extending output cuts. Brent crude futures were down $1.65, or 1.94 per cent, to $83.53 a barrel as of 0920 GMT while U.S. West Texas Intermediate crude was at $79.21 a barrel, down $1.61, or 1.99 per cent. Both hit their lowest levels since late August. The premium on front-month loading Brent contracts over ones loading in six months’ time was also at a 2-1/2-month low, indicating market participants are less concerned with current supply deficits. While China’s...