Singapore, Aug. 17 (BNA): Oil prices were choppy on Thursday after falling over the past three sessions, with the undertone grim on worries that slowing growth in China and possible further U.S. interest rate hikes will weaken fuel demand in the world’s two biggest economies.
Brent crude futures were flat at $83.45 a barrel by 0645 GMT, after initially falling 0.5%. U.S. West Texas Intermediate crude (WTI) was down 8 cents at $79.30, Reuters reported.
“China’s economic concerns and broad risk-off sentiment on Wall Street pressed on the oil markets, with a strong USD adding to the downside pressure at the same time,” said Tina Teng, an analyst at CMC Markets.
Traders will closely watch Chinese economic data and government policy moves, in addition to U.S. oil inventory data as oil producers in the country could start increasing output to gain market share amid production cuts by the OPEC+ group, Teng said.
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