Oil prices varied as support from China’s steps to revive the economy receded

Oil prices were mixed on Tuesday as support from measures taken by China to support its economy faded, countering the impact of expectations for an extension of supply cuts by two major OPEC+ members, Saudi Arabia and Russia.

Brent crude futures for November delivery fell ten cents, or 0.11 percent, to $88.90 per barrel.

US West Texas Intermediate crude futures for October delivery rose 33 cents, or 0.39 percent, to $85.88 by 0029 GMT.

Saudi Arabia is widely expected to extend voluntary oil cuts in October, and Russia’s deputy prime minister said the country will unveil a new agreement to cut supplies within the framework of OPEC+ this week.

“Data released last week showed that increased exports from Iran and Nigeria were offset by a decline in Saudi production,” ANZ Research said in a note, adding that news from Russia also helped allay fears of increased supplies from elsewhere.

Among the negative influences, markets generally take into account the measures taken by China recently to boost the country’s faltering economy, which came in the face of support coming from expected cuts in oil supplies.

In Japan, the third largest economy in the world, household spending in July fell by five percent compared to the previous year, a decline that exceeded expectations, which was 2.5 percent, and continued to decline for the fifth month in a row.