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Oil falls as U.S. inventories swell, economic growth slows

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Oil prices fell on Wednesday after industry data showed U.S. stockpiles of crude unexpectedly rose, and as economic growth slowed, especially in Asia, amid the escalating trade dispute between the United States and China . Brent  futures dropped 28 cents, or 0.4 percent, to $73.93 a barrel by 0634 GMT, adding to a 1.8 percent loss in the previous session. www.mcxgoldstar.com 9719002865 7249938989 U.S. crude  futures were down 41 cents, or 0.6 percent, at $68.35 a barrel, having dropped nearly 2 percent on Tuesday. Brent fell more than 6 percent in July, while U.S. crude futures slumped about 7 percent, the biggest monthly declines for both benchmarks since July 2016. Weighing on prices was a report by the American Petroleum Institute (API) that showed domestic crude inventories rose by 5.6 million barrels last week. A Reuters poll had forecast a fall of 2.8 million barrels. [API/S] Official data from the U.S. Energy Information Administration (EIA) is due late...
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Oil dips on weak China imports, but Iran sanctions, weak U.S. stocks support

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Oil prices dipped on Wednesday after China reported relatively weak import data, although the market remained well supported by falling U.S. crude inventories and the introduction of sanctions against Iran. www.mcxgoldstar.com 7249938989 9719002865 Front-month Brent crude oil futures ( LCOc1 ) were at $74.50 per barrel at 0651 GMT, down 15 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures ( CLc1 ) were at $69.15 per barrel, down 2 cents. China's July crude oil imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country's smaller independent, or "teapot", refineries. Shipments into the world's biggest importer of crude came in at 36.02 million tonnes last month, or 8.48 million bpd, up from 8.18 million bpd a year ago, and just up on June's 8.36 million bpd, data from the General Administration of ...
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