Brent crude futures slipped 38 cents to $84.51 a barrel by 0456 GMT, while U.S. West Texas Intermediate crude declined 35 cents to $80.64 a barrel. Both benchmarks had weakened to their lowest since Aug. 8 on Tuesday.
"Crude inventories at the Cushing hub are seen to be falling to their lowest level since April. Asian refineries are also snapping up all available US cargoes of oil," they added. The July activity data has prompted some economists to flag risks that China, the world's biggest oil importer, may struggle to meet its growth target of about 5% for the year without more fiscal stimulus.to shore up activity and some analysts are hoping more stimulus measures will be implemented soon to jolt the economy and support demand for commodities such as oil.
The outlook in the fourth quarter will "depend on the macroeconomic situation in China primarily, albeit it looks like Saudi will continue to address that via their cuts, if needed", said Rystad Energy's research director Claudio Galimberti.
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