Oil up on expected US oil stock drawdown, but China gloom tempers gain
Brent crude oil price news: Brent crude was up 10 cents at $84.56 a barrel and U.S. West Texas Intermediate crude was trading 9 cents higher at $80.81 a barrel at 0101 GMT. WTIs contract with September expiry was up 11 cents at $80.23 a barrel.
Brent crude oil price news: Oil prices were up in early trade on Tuesday ahead of data later expected to show a draw in U.S. crude oil and gasoline inventories, though persistent concerns over a slowdown in China's economy limited the upside. Brent crude was up 10 cents at $84.56 a barrel and U.S. West Texas Intermediate crude was trading 9 cents higher at $80.81 a barrel at 0101 GMT. WTI's contract with September expiry was up 11 cents at $80.23 a barrel.
U.S. crude oil and gasoline inventories were expected to have fallen last week, a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday. The Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due to release its own data on Wednesday. The market is also focusing on preliminary U.S. August PMI data and the Federal Reserve's annual economic symposium at Jackson Hole both due later this week, ANZ Research said in a note.
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