London, Tuesday, 8 August 2022
On Monday, WTI crude futures roughly 2 percent higher at over $90 per barrel as investors dismissed recession concerns in the wake of positive US labour and Chinese export statistics.
Even still, prices were close to the nearly six-month low of $87 set last week as further evidence of weak demand continues to emerge.
As refiners continued to reduce stocks, data over the weekend revealed that China, the largest crude importer in the world, purchased 9.5 percent less oil in July than in the same month last year.
US crude inventories increased while gasoline demand decreased at the same time, according to EIA data.
Source: Trading Economics // Edit by: The Decision Maker - Finance and Energy editors.