Oil slips on easing US Gulf supply concerns, weak China inflation

10-07-2024 12:12 PM

Ammon News - Oil prices dipped on Wednesday as the impact from Hurricane Beryl dissipated and inflation data highlighted stubbornly weak consumer demand in top crude importer China.

Brent futures were down 58 cents, or 0.69%, at $84.08 a barrel, as of 0632 GMT, after falling 1.3% in the previous session.

U.S. West Texas Intermediate (WTI) crude was down 48 cents, or 0.59%, to $80.93 a barrel, after falling 1.1% in the previous session.

Oil prices edged lower on Monday, reversing course after four weeks of gains, as hopes of a ceasefire deal in Gaza eased worries of tightening supply.

U.S. crude oil and gasoline inventories fell by 1.923 million barrels and 2.954 million barrels, respectively, according to market sources who cited American Petroleum Institute figures on Tuesday, indicating summer fuel demand is steady and driving the rebound after days of declines.

Official data from the U.S. Energy Information Administration will be released at 1630 GMT.

"Today's U.S. inventory data will be keenly watched, if drawdowns continue after last week's massive draw," said DBS Bank's Sarkar.


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