· Oil mixed, fears of slower demand weigh on sentiment
Oil prices were mixed on Tuesday as some investors scooped up bargains following recent losses, while Saudi Arabia's sharp cuts in crude contract prices for Asia sparked fears over slower demand and weighed on sentiment.
Brent crude futures for November rose 35 cents, or 0.5%, to $72.57 a barrel by 0654 GMT, after falling 39 cents on Monday.
U.S. West Texas Intermediate crude for October was at $69.16 a barrel, down 13 cents, or 0.2%, from Friday's close, with no settlement price for Monday due to Labor Day holiday in the United States.
State oil group Saudi Aramco notified customers on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia by at least $1 a barrel.
· OPEC+ keen to keep oil prices at $65-$75 a barrel, Lukoil chief says
The head of Russia's No. 2 oil producer Lukoil (LKOH.MM) said that oil prices of $65-$75 were "comfortable" for consumers and that the OPEC+ group of leading oil-producing nations was striving to maintain that price range by regulating output.
"For now September 2022 will mark a milestone when the restrictions should phase out. The company has up to 90,000 barrels a day of idle production, which we hope will be needed by the market."
Reference: Reuters
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