HOUSTON/SINGAPORE- Oil prices dipped on Wednesday after inflation in top crude importer China came in weaker than expected, while traders weighed the rising possibility of a ceasefire deal in Gaza as negotiations are set to resume later in the day.
Brent futures were down 27 cents, or 0.3 percent , at $84.39 a barrel, after falling 1.3 percent in the previous session.
US West Texas Intermediate (WTI) crude was down 20 cents, or 0.25 percent , to $81.21 a barrel, after falling 1.1 percent in the previous session.
Both the contracts lost about 3 percent in the previous three sessions on signs that the Texas energy industry came off relatively unscathed from Hurricane Beryl after it lashed the region on Monday.
Oil and gas companies restarted some operations on Tuesday. Some ports reopened and most producers and facilities were ramping up output, although some facilities sustained damage and power had not been fully restored yet.
“Expectations for easing tensions in the Middle East and Chinese weaker-than-expected CPI data for June pressed on oil prices today,” said independent market analyst Tina Teng, referring to China’s June consumer price index data.
Consumer prices in the world’s second-largest economy grew for a fifth month in June, but missed expectations, while producer price deflation persisted.
In the Middle East, negotiations to secure a ceasefire in the Gaza war will resume in Doha, with the intelligence chiefs of Egypt, the United States, and Israel in attendance.
