Prices for petroleum made headway early Wednesday, a day after benchmark Brent hit a one-month low, as a decline in U.S. oil stockpiles and a weaker dollar overshadowed signs of weakening demand in China.
Brent crude oil futures were up 55 cents, or 0.7%, at $84.28 U.S. a barrel. U.S. West Texas Intermediate crude futures were up 75 cents, or 0.9%, at $81.51.
In the United States, the world’s largest oil producer and consumer, crude inventories fell by 4.4 million barrels in the week ended July 12, according to the American Petroleum Institute. Analysts polled by Reuters estimated crude stocks would fall by 33,000 barrels.
A weaker U.S. dollar also boosted oil prices. A softer U.S. dollar can boost demand for oil by making greenback-denominated commodities like oil cheaper for holders of other currencies.
Meanwhile, China, the world’s top oil importer, saw its economy grow 4.7% in the second quarter, the slowest growth since the first quarter of 2023, capping crude price gains.
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