WASHINGTON (dpa-AFX) - Oil prices were moving lower on Wednesday as weak business activity reports from Asia and Europe stoked concerns over waning demand.
The downside remained capped somewhat as bullish inventory data suggested overall supply conditions are still tight.
Benchmark Brent crude futures fell 0.8 percent to $83.33 per barrel, while WTI crude futures were down 0.9 percent at $78.95.
Data showed Japan's factory activity shrank in August and Australia's business activity contracted at the fastest pace in 19 months, adding to concerns over slowing global growth.
Elsewhere, Eurozone business activity contracted further in August as the region's downturn spread further from manufacturing to services, according to PMI survey data published earlier today.
The S&P Global composite index flash reading fell to 47.0 from 48.6 in July, hitting its lowest since November 2020.
The U.K. manufacturing PMI fell from 45.3 to 41.5 in August, hitting a 39-month low, while the services PMI fell from 51.5 to 48.7, touching a 7-month low.
On the positive side, the American Petroleum Institute (API) has reported a 2.418-million-barrel draw on U.S. crude inventories last week, following the massive draw of 6.2 million barrels a week earlier.
The weekly report from the Energy Information Administration is due later in the day.
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