Crude Oil Slips Toward $89 as China Demand Weakens Despite 15 Million-Barrel US Draw
Updated
Updated · TradingView · Jun 11
Crude Oil Slips Toward $89 as China Demand Weakens Despite 15 Million-Barrel US Draw
3 articles · Updated · TradingView · Jun 11
Summary
$89 crude marked Thursday's pullback as traders weighed a second day of US strikes on Iran against rising flows through the Strait of Hormuz.
Chinese buyers are set to take significantly less Saudi crude in July, with the country's imports already at an eight-year low, adding fresh demand pressure.
The geopolitical risk premium stayed contained because the latest US attacks did not hit energy infrastructure.
Inventories still point to a tighter market: US crude stocks including strategic reserves fell 15 million barrels last week and more than 70 million over five weeks, while Singapore fuel stocks hit their lowest since 2013.