Oil Prices Dip

The American Petroleum Institute reported a 2.4 million barrel draw in US crude oil inventories, compared to the previous week's 6 million barrel draw. Analysts were expecting a draw of around 2.3 million barrels. Oil prices closed lower on Tuesday, with Brent down 0.46% and WTI down 0.58% ahead of the API data and EIA inventory report. The API reported crude inventories fell less than expected due to strong US production and exports not fully offsetting slowing refinery runs. Analysts will be watching Wednesday's EIA inventory report for confirmation of the draw and any signs of supply and demand trends in the biggest global oil market. Ongoing uncertainty around Chinese economic growth and demand remains a key influence on price movements.