Oil prices steady as declining US inventories offset slowing China demand
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Oil prices were steady on Wednesday, with global benchmark Brent hovering near the one-month low it hit in the prior session, as signs of weakening demand growth in China clashed with the prospect of declining U.S. oil stockpiles. Brent crude oil futures was down by 4 cents to $83.69 a barrel by 0315 GMT. U.S. West Texas Intermediate crude futures also eased 4 cents to $80.72. China, the world’s top oil importer, saw its economy grow 4.7% in the second quarter, official data showed earlier this week, the slowest growth since the first quarter of 2023. In the United States, the world’s largest oil producer and consumer, crude oil inventories fell by 4.4 million barrels in the week ended July 12, market sources said, citing data from the American Petroleum Institute.
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https://www.brecorder.com/news/40313204
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