Oil falls on concerns of weaker demand forecasts, slowing U.S. economy
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Oil prices fell in Asia on Thursday, with investors turning cautious on expectations of lower demand as U.S. employment and business data came in weaker than forecast, signalling the economy of the world's top oil consumer may be cooling. Brent crude futures were down 48 cents, or 0.55%, at $86.86 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 51 cents, or 0.62%, to $83.36 by 0342 GMT. Physical markets are trading post-summer September cargoes when demand could soften partly due to hurricane risks. U.S. crude shipments bound for Europe fell to a two-year low in June as European buyers bought cheaper regional and West African oil. Weaker economic data may add to the Federal Reserve's arguments to start cutting rates, analysts said, a move that would be supportive for the oil markets as lower rates could boost demand. U.S. crude and fuel stockpiles all fell by more than expected in the week ending June 28, the Energy Information Administration said on Wednesday.

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https://finance.yahoo.com/news/oil-prices-slip-data-points-003723011.html