LONDON, Nov 7 Reuters Oil prices hit fresh 212month lows on Tuesday as mixed economic data from China offset the impact of Saudi Arabia and Russia extending output cuts.

Brent crude futures were down 1.65, or 1.94, to 83.53 a barrel as of 0920 GMT while U.S. West Texas Intermediate crude was at 79.21 a barrel, down 1.61, or 1.99. Both hit their lowest levels since late August.

The premium on frontmonth loading Brent contracts over ones loading in six months39; time was also at a 212month low, indicating market participants are less concerned with current supply deficits.

While China39;s crude oil imports in October showed robust growth both year on year and month on month, its total exports contracted at a quicker pace than expected.

Expectations of crude run reductions by Chinabased refiners between November and December could also limit oil demand and exacerbate price declines.

World shares, which often trade in tandem with oil, lost steam on Tuesday as investor enthusiasm about a peak in global interest rates faded. In addition, the U.S. dollar has ticked up from recent lows, making oil more expensive for holders of other currencies.

On the supply side, markets are waiting to see if Saudi Arabia and Russia are ready to rein in production voluntarily beyond the end of the year in addition to a broader deal among the OPEC producer group.

OPEC is unlikely to be in a hurry to undo oil output cuts when its joint ministerial monitoring committee meets on Nov. 26, said…