Tuesday's oil price plunged retreating from Monday’s gains as concerns about winter demand and conflicting economic statistics from China, the world's second-largest oil importer, countered the effects of Saudi Arabia and Russia's extended supply cuts.

Brent crude dipped by 0.55% to $84.71 per barrel meanwhile U.S. West Texas Intermediate crude slumped by 0.46% to  $80.45 per barrel.

Even while China's imports of crude oil increased significantly in October compared to the previous year and month, the nation's overall exports decreased more quickly than anticipated.

Refiners in China are expected to reduce their crude output between November and December, which might restrict oil consumption and worsen price drops.

Additionally, according to some analysts, the continuation of these output cuts indicates that markets are still wary about demand drivers, which might further pressure prices.

Prices were also affected by worries that an earlier-than-anticipated pleasant winter may reduce demand for fuel and energy.

According to a statement from a ministry of energy source, Saudi Arabia stated on Sunday that it will carry out its further voluntary cut of one million barrels per day (bpd), which translates into production of roughly nine million bpd for December.