Oil prices fell on Tuesday, giving up most of the previous day's gains, on concerns about weak demand in China, with investors focusing on trade data scheduled for later Tuesday to gauge demand from the world's second-largest oil consumer.
By 0127 GMT, Brent crude futures fell 23 cents, or 0.3 percent, to $84.95 per barrel, while US West Texas Intermediate crude fell 23 cents, or 0.3 percent, to $80.59 per barrel.
The two benchmarks rose about 30 cents on Monday after Saudi Arabia and Russia, the world's largest oil exporters, confirmed their commitment to additional voluntary cuts in oil supplies until the end of the year.
Toshitaka Tazawa, an analyst at Fujitomi Securities, said oil prices received support from Saudi Arabia and Russia extending production cuts the previous day, but investor interest turned to demand, especially in China, noting that all eyes are on the data coming from Beijing this week.
China will release import and export figures for October on Tuesday, while key consumer price data is scheduled for Thursday.
Tazawa said the trend could change dramatically if the situation in the Middle East becomes more tense.
Israeli Prime Minister Benjamin Netanyahu said that Israel would consider small tactical pauses in the fighting in Gaza to facilitate the entry of aid or the exit of hostages, but he again rejected calls for a general ceasefire despite mounting international pressure.
A source at the Saudi Ministry of Energy said in a statement that the Kingdom confirmed on Sunday that it would continue its additional voluntary reduction of one million barrels per day, which means production of about nine million barrels per day in December.
Moscow also announced that it will continue its additional voluntary supply reduction of 300,000 barrels per day from its exports of crude oil and petroleum products until the end of December.
