A fall is expected in US crude stockpiles for the third consecutive week, renewing hopes of resurgent demand, propping up oil prices. New York's main contract, West Texas Intermediate light sweet crude for delivery in August, inched up to US$106.4, while Brent North Sea crude for August delivery settled at US$109.1.
Oil inventories in the United States have fallen more than 20 million barrels over the last two weeks, according to data from the Energy Information Administration (EIA). This drawdown in US crude stocks comes amid the country's busy driving season, when Americans take to the roads for their annual summer holidays.
China reported that economic growth slowed to a 7.5% pace in the April-June quarter, down from 7.7% in the previous three months. The slower growth rate came in as expected, which analysts said might explain the lack of impact on the market.
17-Jul-13 
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