Oil prices steady with U.S. inventory draw, China imports in focus
Data from theshowed that crude stockpiles shrank 5.5 million barrels in the week to September 8, more than expectations for a draw of 1.4 mb. The weekly draw came after a substantially bigger-than-expected 11.5 mb reduction in the week to August 25.Energy Information Administration
, which is due later in the day. U.S. refiners have ramped up production in the past few months to meet increasing fuel demand in the travel-heavy summer season. Steady weekly inventory draws added to expectations of tighter global supplies in the remainder of the year, especially after the bigger-than-expected Russian and Saudi supply cuts.
But U.S. fuel demand usually tapers off after the Labor Day holiday, leaving some investors questioning whether the steady inventory draws will persist in the coming weeks.On the demand front, markets were focused squarely on trade data from China, due later in the day. Overall
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