The costs have been additionally weighed down by weaker manufacturing data from China, the place manufacturing facility exercise expanded at a slower tempo in August in contrast with the earlier month, CNBC reported.
US West Texas Intermediate crude futures have been down 5 cents, or 0.07%, to $69.16 a barrel, reversing a few of Monday’s features.
Futures for October, set to expire on Tuesday, have been down 3 cents, or 0.04%, at $73.38 a barrel, after gaining practically 1% on Monday. The extra lively November contract was down 3 cents, or 0.04%, at $72.20.
“The oil market is in a wait and watch mode as both demand-supply impact of Hurricane Ida is assessed,” mentioned Ravindra Rao, vice chairman for commodities at Kotak Securities.