NNA – Oil prices stabilised on Wednesday as investors weighed worries about China#39;s embattled economy against tighter supply in the United States.
Brent crude futures edged up 20 cents to $85.09 a barrel by 0831 GMT, while U.S. West Texas Intermediate crude (WTI) crept 18 cents higher to $81.17 a barrel.
Both benchmarks fell more than 1% in the previous session to their lowest since Aug. 8.
China#39;s sluggish economy is in focus, after retail sales, industrial output and investment figures failed to match expectations, fuelling concern over a deeper, longer-lasting slowdown in growth.
This July activity data has prompted concerns that China may struggle to meet its growth target of about 5% for the year without more fiscal stimulus.
China#39;s central bank made a marginalnbsp;cut to interest ratesnbsp;after data that highlighted intensifying pressure on the economy, mainly from the property sector, though analysts say the cut was too small to make anbsp;meaningful difference.
Both the OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and allies, and the International Energy Agency (IEA) are banking on China – the world#39;s biggest oil importer – to galvanise crude demand over the rest of 2023.–REUTERS
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