Brent crude futures held below $84 per barrel on Thursday after losing nearly 4% over the past three sessions, as economic concerns in China and the possibility of further interest rate hikes in the US weighed on the demand outlook in the world’s two biggest oil consumers. Weaker-than-expected economic data and a deepening property sector crisis in China added to concerns about the country’s faltering economy, with a surprise rate cut from the central bank failing to appease the market. Minutes of the Federal Reserve’s July meeting also showed that US policymakers stressed upside risks to inflation that could warrant a prolonged period of restrictive monetary policy or even another rate hike. Meanwhile, EIA data showed that US crude inventories declined by 5.96 million barrels last week, exceeding forecasts for a 2.3 million barrel draw.
