08:50 AM EDT, 09/27/2024 (MT Newswires) -- Oil prices edged down early on Friday even as China added new stimulus measures as it looks to revive demand in its economy, while Hurricane Helene cut into Gulf of Mexico output, though the threat of additional supply coming to market beginning in December is checking the commodity's upside.

West Texas Intermediate crude for November delivery was last seen down US$0.04 to US$67.63 per barrel, while November Brent crude, the global benchmark, was down US$0.14 to US$71.46.

China on Friday took further steps to revive an economy struggling under a debt crisis in its real-estate sector and weak consumer demand, as its central bank cut interest rates, Reuters reported, adding to stimulus measures announced earlier this week.

However the prospect of improving demand from the world's No.1 oil consumer is being overshadowed by reports Thursday that Saudi Arabia is sticking with a plan to begin unwinding 2.2-million barrels per day of voluntary OPEC+ production cuts by adding 180,000 barrels per day of monthly supply additions beginning in December and is content to weather a period of low prices.

"Crude oil's failed attempt to join the China stimulus-led rally seen among other commodities sectors this past week highlights a market where the focus has switched away from an improved demand outlook to the prospect of additional supply hitting the market at a time when it is not needed," Ole Hansen, head of commodity strategy at Saxo Bank, noted.

Tightened supply from Gulf of Mexico producers is offering short-term support as they evacuated platforms in the path of Hurricane Helene. The U.S. offshore regulator on Thursday said 441,923 barrels of daily oil production, 25% of gulf supply, had been shut in because of the storm. Helene made landfall in northern Florida as a Category Four storm, causing extensive damage, but producer can now begin restoring lost output.