US benchmark West Texas Intermediate for October delivery fell 13 cents to USD 39.18 in Asian trading, while Brent crude for October eased 13 cents to USD 43.08 in late-morning trade.
    
Both contracts gained on bargain-hunting yesterday, after plummeting to their lowest levels since early 2009 a day earlier as investors fret about falling demand in the face of a world supply glut.
    
"US crude inventories continue to be the weekly constant mover for oil prices in this period of stagnant fundamentals," said Daniel Ang, investment analyst at Phillip Futures in Singapore.

"If inventories turn out lower than estimates, we may see prices get more support and vice versa," he added.
    
Industry group American Petroleum Institute reportedly said yesterday that US crude reserves shrank by 7.3 million barrels in the week to August 21.

The numbers signalled healthy demand in the world's top crude consumer ahead of the more closely watched official stockpiles report from the US Energy Information Administration later today.
    
Oil prices have come under pressure from concerns that China's slowing economy will curb demand for the commodities that have helped feed its astonishing growth over the past three decades.

 

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