International Oil Prices Fall to 2.5-Month Low

International oil prices hit a 2.5-month low on Tuesday as the impact of the extension in output cuts by Saudi Arabia and Russia was offset by mixed economic data from China. Brent crude futures were down $2.11, or 2.5 percent at $83.07 a barrel as of 1428 GMT while US West Texas Intermediate crude was at $78.77 a barrel, down $2.05 or 2.5 percent. Both Brent crude and US West Texas hit their lowest levels since late August. China’s crude oil imports in October posted robust growth both on a month-on-month and year-on-year basis but its exports contracted quicker than expected. However, there is expectation of reductions by China-based refineries in November and December which could limit oil demand and further push the price declines.