Brent crude futures fell 11 cents to $77.09 a barrel while US WTI futures dipped 14 cents to $73.03
SINGAPORE – Oil prices slipped on Wednesday on estimates showing swelling US crude inventories and expectations that tensions in the Middle East were easing following a tour of the region by mediators.
US crude oil stocks were seen rising last week by 347,000 barrels, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline and distillate stocks, however, fell by 1.043 million barrels and 2.247 million barrels respectively, according to the sources. Blinken and mediators from Egypt and Qatar have raised hopes for a US "bridging proposal," which could shrink the gaps between the two sides in the 10-month-old war.
"While weaker Chinese demand has been well reported, refinery margins around the globe have been under pressure for much of August, suggesting that these demand concerns are not isolated to just China," they said.
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