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Oil prices dip as Chinese data, IEA warning weigh

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Victor

Crude-oil prices edged lower Tuesday, extending the prior day’s sharp drop as early gains evaporated.

A warning from the International Energy Agency helped put fresh pressure on oil as the watchdog said the market likely would remain oversupplied next year.

Crude’s early advance had been mainly driven by bargain hunting, analysts said, noting that the tepid rise in China’s oil imports last month was uninspiring.

Crude futures for delivery in November CLX5, +0.47% recently traded at $47.07 a barrel, down 3 cents or 0.1%. Meanwhile, November Brent crude LCOX5, +0.36% clung to a gain, rising 10 cents, or 0.2%, to $50.35 a barrel.

On Monday, oil prices tumbled, falling around 5% after the Organization of Petroleum Exporting Countries reported its September output climbed to a more-than-three-year high at an average of 31.57 million barrels a day, up about 109,000 barrels a day from the previous month and higher than the group’s target of 30 million...


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