Oil fell for a third day as concerns over China’s economy hurt appetite for risk assets and overshadowed industry estimates pointing to lower US inventories.
West Texas Intermediate dropped below $81 a barrel after losing 2.6% in the week’s first two sessions. Crude prices edged lower as stocks in Asia dropped along with commodities as jitters over China’s stuttering economy escalated.
Still, the American Petroleum Institute said nationwide crude stockpiles shrank 6.2 million barrels last week, according to people familiar with the figures. Inventories at the key Cushing, Oklahoma, hub were also seen declining.
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