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Oil prices ease as market awaits China data to gauge demand

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TOKYO : Oil prices eased on Tuesday, giving up most of the gains from the previous day, on concerns over weak demand in China, with investors focusing on trade data due later in the day to gauge demand from the world's second-largest oil consumer.Brent crude futures fell 23 cents, or 0.3 per cent, to $84.

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File PhotoTOKYO : Oil prices eased on Tuesday, giving up most of the gains from the previous day, on concerns over weak demand in China, with investors focusing on trade data due later in the day to gauge demand from the world's second-largest oil consumer.

"Oil prices were supported by continued output cuts by Saudi and Russia the previous day but investors' attention has shifted to demand, especially in China," said Toshitaka Tazawa, an analyst at Fujitomi Securities, noting all eyes are on data from China this week. Prime Minister Benjamin Netanyahu said Israel would consider"tactical little pauses" in Gaza fighting to facilitate the entry of aid or the exit of hostages, but again rejected calls for a general ceasefire despite growing international pressure.

 

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