Oil prices stable as investors weigh supply-tightness after China crisis impact, Brent near $85/bbl

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lending rate by 10 basis points and left its five-year rate unmoved, in a surprise to analysts who had expected cuts of 15 basis points to both. The recovery in the world's second largest economy has been slowed by a worsening property crisis, weak spending and lower credit growth.

Brent crude was up 14 cents to $84.94 a barrel, while US West Texas Intermediate crude was up 18 cents at $81.43 a barrel. Both front-month benchmark prices snapped a seven-week winning streak last week with a weekly loss of 2 per cent on concern that China's sluggish economic growth will curb oil demand, while the possibility of further increases to US interest rate also overshadows the demand outlook, according to news agency Reuters.

Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for an August 21 expiry, were last trading lower by 0.1 per cent at ₹6,765 per bbl, having swung between ₹6,745 and ₹6,853 per bbl during the session so far, against a previous close of ₹6,772 per barrel. -Crude oil prices rose today as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high interest rates.

-Members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, Russia and Saudi Arabia, a group know as OPEC+ have made output cuts to limit the availability of oil in the market. Saudi Arabia has in addition volunteered to cut output by another 1 million barrels per day from July through September.