TOKYO : Oil prices eased in early trade on Wednesday as concerns over slow demand from top crude importer China grew after bearish trade data, outweighing fears over tighter global supply arising from production cuts by Saudi Arabia and Russia.
"Also, with worries over slowing demand in the United States and Europe due to a series of interest rates hikes, upside of oil markets looks to be limited," he added, predicting WTI would trade in the range of $75 to $85 a barrel later this month. But China's crude oil imports in July fell 18.8 per cent from the previous month to the lowest daily rate since January, customs data showed on Tuesday, as major exporters cut back overseas shipments and domestic stocks continued to build.
Meanwhile, a monthly report from the U.S. Energy Information Administration on Tuesday projected U.S. crude oil production to rise by 850,000 barrels per day to a record 12.76 million bpd in 2023, overtaking the last peak of 12.3 million bpd in 2019.
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