Oil steady in early trade
Softer Chinese PMI data casts demand doubts
OPEC additional supply expected in December
Investors weigh escalating tensions between Israel and Lebanon
SINGAPORE, Oct 1 Reuters Oil prices were little changed on Tuesday as stronger supply prospects and tepid global demand growth outweighed worries that escalating tensions in the Middle East could impact output from the key exporting region.
Brent crude futures for December delivery edged up 13 cents, or 0.18, to 71.83 a barrel as of 0615 GMT. U.S. West Texas Intermediate crude futures for November delivery gained 14 cents, or 0.21, to 68.31.
On Monday, Brent futures ended September down 9, the third month of declines and largest monthly drop since November 2022. It slumped 17 in the third quarter for its biggest quarterly loss in a year. WTI fell 7 last month and dropped 16 for the quarter.
There have been a lot of reservations in place for oil prices, as market participants look towards upcoming supply additions from OPEC by the end of this year, alongside a stillsoft demand outlook from China reflected in the countrys latest PMI numbers, said Yeap Jun Rong, market strategist at IG.
That said, sentiments have been less sensitive to the weaker data, finding room to stabilise on the hopes that recent raft of stimulus may help to jumpstart the economy ahead, said Yeap.
China39;s manufacturing activity shrank sharply in September as new orders at home and abroad cooled, pulling down…