Oil Falls on Weak China Demand Concerns

Oil prices eased on Thursday due to concerns over weak demand in China, the world's largest crude importer. Brent crude futures for September fell 38 cents, or 0.5%, to $81.33 a barrel. US West Texas Intermediate crude slid 33 cents, or 0.4%, to $77.26 per barrel. Benchmarks settled higher on Wednesday, after the Energy Information Administration said US crude inventories fell by 3.7 million barrels last week. US gasoline stocks dropped by 5.6. Distillate stockpiles fell by 2.8 million barrels versus expectations for a 250,000-barrel increase, the Energy Information Administration data showed. Source: Qatar News Agency