Crude oil prices were steady Tuesday morning despite disappointing economic data from China.
Worries about Chinese demand and signs that OPEC will continue pumping oil at a furious pace have put a cap on last week’s rally in oil prices.
China saw a sharp fall in the value of its imports last month. Imports dropped 20.4% from a year earlier to $145.2 billion.
Crude futures for delivery in November were stuck at $47.07 a barrel, down 3 cents or 0.1%. Prices topped out above $50 last week, the highest since July.
Yesterday, OPEC said its September output climbed to a more-than-three-year high at an average of 31.57 million barrels a day.
The material has been provided by InstaForex Company – www.instaforex.com