The sentiment in the oil market has been subdued following China’s report of its weakest economic growth in five quarters earlier this month. The nation’s oil import volumes have faltered, as refiners’ return from maintenance has proceeded at a slow pace.
US commercial crude inventories saw a significant reduction, falling by 3.7 million barrels for the week ending 1 July, while total motor gasoline inventories declined by 5.6 million barrels, further supporting the market.