Oil Stabilizes Amid Concerns Over Chinese Demand

Oil prices moved slightly in early Asian trading on Thursday, amid fears of a slowdown in the recovery of demand in China. Brent crude futures fell by two cents to $76.63 per barrel, after rising by 0.5% at the close the previous day. West Texas Intermediate crude increased by 0.2% to $71.90 per barrel. U.S. crude inventories fell by 4.4 million barrels in the week ending June 30, while gasoline and distillate inventories rose, according to market sources citing figures from the American Petroleum Institute.