Oil Prices Volatile as China Economy and US Rate Path Raise Concerns
TL;DR Summary
Despite a large crude oil inventory decline of 6 million barrels, oil prices moved slightly lower due to concerns about China's faltering economy and its potential impact on oil demand. Refinery runs data from China indicated strong and growing demand, but the latest economic data suggested a slowdown in growth. Mixed changes were reported in gasoline and middle distillate inventories.
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- US crude stockpiles fall even as output hits 2020 high - EIA Reuters
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