Oil was steady after a two-day drop as concerns about waning demand in top importer China were tempered by an industry-funded report pointing to a decline in US inventories.
West Texas Intermediate futures for October traded below $80 a barrel after slipping 1.3% over the previous two days. China’s stuttering economy is now the biggest threat to global commodities demand, as deteriorating economic activity and credit flows puts Beijing’s modest growth targets at risk.
The industry-funded American Petroleum Institute said nationwide stockpilesfell 2.4 million barrels last week, a bullish signal if confirmed by official Energy Information Administration data due later on Wednesday.
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