An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022.
U.S. crude prices on Tuesday fell below $78 a barrel to hit the lowest point since July as weak global economic data overshadowed concerns that the Israel-Hamas war could erupt into a broader regional conflict.
Beijing's crude oil imports rose by volume and value in October, but the country's overall exports fell more than expected, indicating slowing global demand.
The data out of China offset the effect of Saudi Arabia's and Russia's oil output cuts, which lifted oil prices earlier in the week.
Oil prices had spiked in the week following Hamas' devastating terrorist attacks on Israel on concerns that the war could escalate into a broader regional conflict that disrupts oil supply.
Persons:
Brent, Neel Kashkari, Kashkari, — CNBC's Evelyn Cheng
Organizations:
West Texas, Minneapolis Federal, Bloomberg Television, CNBC PRO
Locations:
Odessa , Texas, Israel, China, Minneapolis, U.S, Saudi, Riyadh, Moscow