Oil inched higher on large draw in US inventories; China concerns remained.
International benchmarks for crude oil continued to rise on Wednesday, 30 August 2023 following reports from the Energy Information Administration (EIA) showing commercial crude inventories in the US fell 10.6 million barrels last week
International benchmarks for crude oil continued to rise on Wednesday, 30 August 2023 following reports from the Energy Information Administration (EIA) showing commercial crude inventories in the US fell 10.6 million barrels last week, much larger than analysts’ expectation of a 3.3 million barrels drop.
However, gains were capped by lingering concerns over the troubles the Chinese economy is facing.
Brent for October delivery added 37 cents to close at $85.86/barrel.
US West Texas Intermediate gained 47 cents to settle at $81.63/barrel.