Oil prices settled lower Friday as traders weighed rising summer demand against data showing a June decline in Chinese crude imports. At 14:30 ET (18:30 GMT), West Texas Intermediate crude futures fell 0.5% to $82.21 a barrel, while Brent oil futures fell 0.4% to $85.03 a barrel.
Chinese crude oil imports dropped 11% year-on-year in June to 46.45 million metric tons, raising concerns over sluggish demand amid weak economic growth. However, analysts at ANZ expect imports to pick up due to low inventory levels and increased refinery activity.
Despite higher-than-expected U.S. inflation data, crude prices benefited from a drop in the dollar, as bets on a September rate cut remained firm. The Producer Price Index (PPI) rose to 0.2% last month, surpassing economists’ expectations.
Optimism for summer demand continues, with Baker Hughes reporting a slight drop in the weekly count of U.S. oil rigs from 479 to 478.
