MTECHTIPS;-Crude Oil Prices Settle at Six-Week Lows as U.S.-China Trade War

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MTECHTIPS;-Crude Oil Prices Settle at Six-Week Lows as U.S.-China Trade War Intensifies

MTECHTIPS-WTI crude oil prices settled at six-week lows Wednesday after data showed U.S. crude stockpiles fell less than expected and U.S.-China trade tensions intensified. On the New York Mercantile Exchange crude futures for September delivery fell 3.2% to settle at $66.94 a barrel, while on London’s Intercontinental Exchange, Brent fell 3.26% to trade at $72.22 barrel. Inventories of U.S. crude fell by 1.351 million barrels for the week ended Aug. 3, missing expectations for a draw of 2.800 million barrels, according to data from the Energy Information Administration (EIA). The smaller-than-expected draw in crude supplies came as imports rose by about 2.64 million barrels a day (bpd) and exports rose by 5.40 million bpd, data from EIA showed. Gasoline inventories unexpectedly rose by 2.900 million barrels, confounding expectations for a draw of 1.700 million barrels, while supplies of distillate – the class of fuels that includes diesel and heating oil – rose by 1.230 million barrels, against expectations for a build of 0.220 million barrels

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