Oil Prices Tick Higher, Supported by Drawdown in U.S. Product Stocks


Crude prices ticked higher on Thursday, drawing support from a report showing a sizable decline in U.S. stocks of gasoline and distillate supplies.
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Oil dips on weak China imports, but Iran sanctions, weak U.S. stocks support

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Oil prices dipped on Wednesday after China reported relatively weak import data, although the market remained well supported by falling U.S. crude inventories and the introduction of sanctions against Iran. www.mcxgoldstar.com 7249938989 9719002865 Front-month Brent crude oil futures ( LCOc1 ) were at $74.50 per barrel at 0651 GMT, down 15 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures ( CLc1 ) were at $69.15 per barrel, down 2 cents. China's July crude oil imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country's smaller independent, or "teapot", refineries. Shipments into the world's biggest importer of crude came in at 36.02 million tonnes last month, or 8.48 million bpd, up from 8.18 million bpd a year ago, and just up on June's 8.36 million bpd, data from the General Administration of ...
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