Oil prices varied in early Asian trading, Tuesday, with support fading from the measures taken by China to support its economy, which came in the face of the impact of expectations for an extension of supply cuts by two major members of OPEC+, Saudi Arabia and Russia.
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 supply cut agreement within the OPEC+ framework this week.
ANZ Research said in a note that data issued last week showed that increased exports from Iran and Nigeria were offset by a decline in Saudi production, adding that news from Russia also helped allay fears of increased supplies from elsewhere.
Price action
Brent crude futures for November delivery fell 19 cents, or 0.22 percent, to $88.90 per barrel.
US West Texas Intermediate crude futures for October delivery rose 23 cents, or 0.3 percent, to $85.88 by 0305 GMT.
Markets are generally taking into account China's recent measures to boost the country's faltering economy, 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.
