Recent economic data from China has sparked concerns over global oil demand. Brent crude futures dipped by 25 cents to $81.36 per barrel, and U.S. crude futures saw a 35-cent decline to $77.02 per barrel in early Asian trading, reaching their lowest levels since July 24.
Late on Tuesday, market sources, citing figures from the American Petroleum Institute, reported a roughly 12-million-barrel increase in U.S. crude oil inventories last week. The U.S. Energy Information Administration has postponed the release of its weekly inventory data until the week starting November 13.
The downward trend in global oil prices is primarily attributed to the surge in U.S. crude inventories and expectations of slowing economic growth in China. The U.S. Energy Information Administration stated yesterday that crude oil production in the United States will slightly exceed previous expectations this year, while demand is expected to decrease.
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