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China said it will cut import tariffs on textile products and metals, including steep products, to 8.4 pct from 11.5 pct, effective November 5th. “Reducing tariffs is conducive to promoting the balanced development of foreign trade and promoting a higher level of opening up to the outside world,” the finance ministry said on Sunday. The ministry said the average tariffs on over fifteen hundred products will be lowered to 7.8 pct from 10.5 pct.

Energy firms cut active oil rigs in the U.S. last week for a second week  in a row, according to energy services firm Baker Hughes on Friday. In the week to September 28, drillers cut 3 oil rigs in the U.S. to increase the total oil rig count to 863.

The U.S. Energy Information Administration said in a monthly report on Friday that U.S. crude oil production rose 269,000 bpd to a record 10.964 mil bpd in July led by record output from Texas and North Dakota.


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