The price of oil in the world market fell and fell to the lowest level in two and a half months

London. The price of crude oil in the international market has dropped to the lowest level in two and a half months. On Tuesday, mixed economic data from China reversed the impact of the decision by the world’s largest oil producers, Saudi Arabia and Russia, to extend production cuts to support oil prices.
The price of Brent crude fell by more than 2 percent to 83 dollars 25 cents in the Comex division of the London-based IC Exchange. At the time of preparing this news, at 4:30 pm Nepali time, Brent crude oil fell by 1.87 percent to 83 dollars 59 cents per barrel compared to the previous day’s market close.
In the Comex division of the New York Mercantile Exchange, the price of the American benchmark West Texas Intermediate fell by more than 2 percent to a minimum of 78 dollars 97 cents per barrel. At the time of preparing this news, WTI futures were trading at 79 dollars 40 cents with a decrease of 1.76 percent. On Tuesday, both Brent and WTI prices hit their lowest levels since late August.
In October, China’s imports increased on an annual and monthly basis, but the data showed that exports decreased at a relatively rapid pace. China is the largest importer of crude oil and the second largest refiner. China’s economic activity slows down or signs of slowing down, the world’s oil market fluctuates.