An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023.
China Daily via REUTERSBEIJING, Aug 9 (Reuters) - Oil prices eased in Asian morning trade on Wednesday as concerns over slow demand from top crude importer China grew after bearish trade and inflation data, outweighing fears over tighter supply arising from output cuts by Saudi Arabia and Russia.
"Oil prices are struggling to further rise because of lingering concerns over a sluggish recovery in China's economy and fuel demand," said Chiyoki Chen, chief analyst at Sunward Trading.
Both benchmarks notched their sixth consecutive weekly gains last week, the longest winning streak since December 2021 to January 2022, helped by a reduction in OPEC+ supplies and hopes of stimulus boosting an oil demand recovery in China.
In another bearish sign, U.S. crude oil stocks rose by 4.1 million barrels last week, according to market sources citing American Petroleum Institute figures on Tuesday.
Persons:
Brent, Chiyoki Chen, Yuka Obayashi, Andrew Hayley, Jamie Freed, Sonali Paul
Organizations:
REUTERS, . West Texas, Sunward, American Petroleum Institute, Reuters, U.S . Energy Information Administration, Saudi, Thomson
Locations:
Zhoushan, Zhejiang province, China, REUTERS BEIJING, Saudi Arabia, Russia, United States, Europe, Saudi, Tokyo, Beijing