Crude oil prices are seen recovering on Wednesday after API reported a decline in US crude inventories. The American Petroleum Institute (API) reported a draw this week for crude oil of 448,000 barrels. API also reported a draw in gasoline inventories this week of 4.480 million barrels for the week ending Aug 12, compared to the previous weeks 627,000-barrel draw. Oil bounced back after a sharp decline to 6 month low in the previous session. Crude futures fell nearly 3% on Tuesday amid bleak data from China spurred recession led demand concerns. WTI crude oil futures are currently up 0.65% at $87.08 per barrel. Powered by Commodity Insights
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