Oil prices steady as China concerns offset large drop in US crude stocks – The National

Oil prices steady as China concerns offset large drop in US crude stocks – The National

Oil prices were steady on Wednesday as concerns about lower fuel demand in China, the world’s second-largest economy, offset a large drop in US crude stocks.

Brent, the benchmark for two thirds of the world’s oil, was trading 0.79 per cent higher at $89.06 a barrel at 11.56am UAE time. West Texas Intermediate, the gauge that tracks US crude, was 0.74 per cent higher at $81.55.

US crude oil inventories fell by about 4.8 million barrels last week, analysts said, citing data from the American Petroleum Institute.