Oil prices were hampered by fresh reservations over the global demand outlook, especially with a further downturn in Chinese markets.

A dollar retreat provided an element of support later in the day and WTI settled around $71.80 p/b.

API data recorded an inventory draw of 4.7mn barrels and there was also a sharp decline in gasoline stocks which helped underpin sentiment.

WTI traded just above $72.0 p/b on Wednesday with Brent close to $74.00 p/b.

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