WASHINGTON (dpa-AFX) - Oil prices fell from multi-month highs on Thursday amid concerns about the outlook for oil demand from China.
Latest data from China showed crude oil imports fell 2.412 million barrels per day month-on-month to a sixth-month low of 10.429 million barrels.
Meanwhile, data showing the consumer price inflation in the U.S. rose less than expected in the month of July has raised hopes the Federal Reserve will likely hold rates unchanged at its September meeting.
West Texas Intermediate Crude oil futures for September ended down $1.58 at $$82.82 a barrel.
Brent crude futures settled at $86.40 a barrel today, down $1.15 or about 1.3% from the previous close.
'Crude prices are softening as energy traders await to see what happens with some of the supply side risks,' says Edward Moya, Senior Market Analyst at OANDA. 'With OPEC+ doing whatever it takes to keep crude prices supported, the oil market might see a 2-million barrel supply deficit this quarter.'
Moya adds, 'oil has had a nice run up, but some of that was the Russian-Ukraine conflict which has yet to lead to a meaningful disruption of Russian oil shipments. Oil prices are likely to head higher, so any dips will likely be bought into.'
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