WTI price loses ground near $75.15 in Thursday’s early Asian session.
Soft demand in China weighs on the WTI price.
The threat of supply disruptions in Libya and Middle East geopolitical risks might cap the downside.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $75.15 on Thursday. The WTI price edges lower as investors are concerned about slower economic growth in China. However, oil supply risks in the Middle East and Libya might help limit the WTI’s losses.
The sluggish economy and slowing oil demand in China raise the fear of the economic health of the world’s largest importer of oil, which weighs on the WTI price. "Demand in China remains weak, and the expected second-half rebound has yet to show credible signs of commencing," Amarpreet Singh, an analyst at Barclays, said in a note.
US crude oil stocks fell less than expected last week. According to the Energy Information Administration (EIA), crude oil stockpiles in the United States for the week ending August 23 dropped by 0.846 million barrels to 425.2 million barrels, compared to a fall of 4.649 million barrels in the previous week. The market consensus estimated that stocks would decline by 3.0 million barrels.
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