Global oil prices on August 9 morning fell after the release of data from the American Petroleum Institute (API) on the growth of weekly commercial stocks in the US, Report informs referring to the auction data.
The price of October futures for Brent crude fell by 0.16% to $86.03 per barrel, September futures for WTI fell by 0.17% to $82.78.
Investors pay attention to API data. According to the organization, in the week to August 4, US commercial oil inventories rose by 4.1 million barrels. Official data will be published by the Energy Administration on August 9. Analysts expect commercial inventories to rise by 0.6 million barrels.
The market is also reacting to economic statistics from China. The consumer price index (CPI) of China - the main indicator of inflation - in July 2023 decreased by 0.3% in annual terms. Investors are following the performance of China’s economy as the country is one of the largest oil importers in the world.