Oil prices inched upwards in Asian trade on Tuesday as investors eyed a possible tightening of U.S. crude supplies, after sinking in the previous session on weaker-than-expected Chinese economic growth.
A view of the Johan Sverdrup oilfield in the North Sea, January 7, 2020. Carina Johansen/NTB Scanpix/via REUTERS/File PhotoUS crude, product inventories seen down last weekJuly 18 - Oil prices inched upwards in Asian trade on Tuesday as investors eyed a possible tightening of U.S. crude supplies, after sinking in the previous session on weaker-than-expectedBrent crude was up 10 cents at $78.60 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude rose 14 cents to $74.29 a barrel.
China's GDP grew 6.3% year-on-year in the second quarter, compared with analyst forecasts of 7.3%, as its post-pandemic recovery lost momentum. Meanwhile, U.S. shale oil production is projected to fall to nearly 9.40 million barrels per day in August, which would be the first monthly decline since December 2022, data from the Energy Information Administration showed on Monday.Libyan fields
The combination of demand-side concerns with potentially bullish supply tightening meant that prices were "likely to be in a sideways range in the short-term," said Kelvin Wong, a senior market analyst at OANDA.
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