World oil prices showed a weak tendency on Tuesday morning as markets continue to evaluate statistics from China and OPEC + efforts to reduce production, Report informs citing the auction data.
The price of November futures for Brent crude fell symbolically by 0.07% to $88.94 per barrel, October futures for WTI fell by 0.03% to $85.95.
Traders are cautious after the release of weak macro data from China, a major oil consumer and importer. China's services business activity index (PMI), according to the Caixin business publication, fell to 51.8 points in August from 54.1 points a month earlier, a decline to only 53.6 points was predicted.
At the same time, investors are awaiting new OPEC+ production announcements. At the end of last week, Russian Deputy Prime Minister Alexander Novak said that Russia and OPEC + had reached an agreement to reduce oil supplies from Russia to foreign markets and new parameters would be announced next week.
OPEC+'s supply-cutting efforts are supporting the market deficit, which continues to keep oil quotes at current levels. “Three rounds of production cuts by Saudi Arabia and its OPEC+ partners since September 2022 fully explain the return to large deficits,” Bloomberg quoted Goldman Sachs Group analysts as saying.