U.S. Inventories Grow Unexpectedly, China’s Economic Weakness Deepens
In Asian trade, oil prices dip due to U.S. inventory surge and China’s economic struggles. Chinese consumer inflation decline compounds economic concerns. Brent and WTI crude futures slightly drop.
Despite supply cuts, U.S. inventories unexpectedly rise, fueling doubts about demand. Soft Chinese inflation readings coupled with sliding oil imports emphasize economic challenges. API data reveals U.S.
crude inventories grew over 4 million barrels, hinting at dwindling fuel demand. Official Energy Information Administration data awaited. Economic outlook remains uncertain as global factors impact oil markets.