Oil prices fell in early Asian trading on Wednesday, July 17, 2024, as signs of weak demand growth in China clashed with the prospect of a decline in U.S. oil inventories.
Brent crude futures were down 11 cents, or 0.1 percent, at $83.62 a barrel by 0010 GMT.
U.S. West Texas Intermediate (WTI) crude futures fell 11 cents, or 0.1 percent, to $80.65 a barrel.
Both benchmarks have fallen in the previous three sessions, with Brent crude futures hitting $83.30 on Tuesday, their lowest since June 17. Concerns about demand and a strong dollar offset signs of tightening supplies in the United States, the world’s biggest oil producer and consumer.
U.S. crude oil inventories fell by 4.4 million barrels in the week to July 12, market sources said on Wednesday, citing data from the American Petroleum Institute.
Analysts polled by Reuters had forecast a 33,000-barrel drop in crude stocks. The U.S. Energy Information Administration will release its official inventory report at 1430 GMT. Meanwhile, rising geopolitical risks are helping to limit the slide in oil prices. The Joint Maritime Information Center for the Red Sea and Gulf of Aden said on Tuesday that a Liberian-flagged oil tanker was assessing damage and investigating a possible oil spill after it was attacked by Yemeni Houthi rebels in the Red Sea.
