In the oil market, prices experienced a slight decline on Tuesday, reversing most of the gains made on Monday. This came as a result of conflicting economic data from China, the world’s second largest oil consumer, and concerns about winter demand. These factors countered the positive effect of Saudi Arabia and Russia’s decision to extend their output cuts.
While Saudi Arabia and Russia’s commitment to reducing output should theoretically boost prices, the mixed economic data from China dampened market sentiment. Furthermore, worries about lower oil demand during the winter season added to the downward pressure on prices. All of this resulted in a decrease in oil prices, erasing the gains seen the previous day.
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