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(Reuters) – Oil prices fell on Thursday on mixed demand signals a day after large draws on U.S. inventories while consumption in China, the world’s largest crude importer, remains lacklustre.
Brent crude futures for September fell 74 cents, or 0.9%, to $80.97 a barrel by 0855 GMT. U.S. West Texas Intermediate crude for September slid 74 cents, or 1%, to $76.85.
Both benchmarks rose on Wednesday, snapping consecutive sessions of declines after the Energy Information Administration said U.S. crude inventories fell by 3.7 million barrels last week. That compared with the 1.6 million barrel draw expected by analysts in a Reuters poll.
U.S. gasoline stocks dropped by 5.6 million barrels, against analyst expectations of a 400,000 draw. Distillate stockpiles fell by 2.8 million barrels versus expectations of a 250,000 increase, EIA data showed.
“Despite draws in U.S. crude and gasoline stocks, investors remained wary about weakening demand in China and expectations of advancing ceasefire talks between Israel and Hamas added to pressure,” said Hiroyuki Kikukawa, president of NS Trading, owned by Nissan Securities.
China’s oil imports and refinery runs this year have trended lower than in 2023 on weaker fuel demand amid sluggish economic growth, government data shows.
“Demand still has been weaker over the summer than hoped for and investors are anticipating a weak earnings season for refiners as margins continue to be squeezed, with crack spreads falling to very low levels,” said Ashley Kelty, analyst at investment bank Panmure Liberum.
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In the Middle East, efforts to reach a ceasefire deal to end the war in Gaza between Israel and militant group Hamas have gained momentum over the past month.
In Canada, hundreds of wildfires are burning in the western provinces of British Columbia and Alberta, including in the area of oil sands hub Fort McMurray.
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