Futures were little changed in New York after dropping 1.3 percent Tuesday to a two-month low. Inventories declined by 2.3 million barrels last week, the American Petroleum Institute was said to report. While government data Wednesday is forecast to show supplies fell for a ninth week, stockpiles will still be more than 100 million barrels above the five-year seasonal average. Brent for September settlement was 10 cents higher at $46.76 a barrel on the London-based ICE Futures Europe exchange. The contract closed 0.6 percent lower at $46.66 on Tuesday. The global benchmark traded at a premium of $1.28 to WTI for September. Crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest oil-storage hub, dropped by 84,000 barrels last week, the API said Tuesday, according to a person familiar with the figures.
Inventories of U.S. crude fell by 1.351 million barrels for the week ended Aug. 3, missing expectations for a draw of 2.800 million barrels, according to data from the Energy Information Administration (EIA).
The smaller-than-expected draw in crude supplies came as imports rose by about 2.64 million barrels a day (bpd) and exports rose by 5.40 million bpd, data from EIA showed.
Gasoline inventories unexpectedly rose by 2.900 million barrels, confounding expectations for a draw of 1.700 million barrels, while supplies of distillate – the class of fuels that includes diesel and heating oil – rose by 1.230 million barrels, against expectations for a build of 0.220 million barrels.
more at source: https://www.investing.com/news/commodities-news/crude-oil-prices-settle-at-sixweek-lows-as-uschina-trade-war-intensifies-1566118