HongKong 10 Aug: Oil prices fell in early Asian trade on Thursday after reaching fresh highs in the previous session as concerns about the Chinese economy offset the positive impact of steep drawdowns in U.S. fuel stockpiles and Saudi and Russian output cuts.Brent crude fell 20 cents, or 0.2%, to $87.35 a barrel by 0006 GMT, after settling at its highest since Jan. 27 in the previous session.
West Texas Intermediate crude (WTI) fell 23 cents, or 0.3%, to $84.17, after settling at its highest since November 2022.Chinese data on Tuesday showed crude oil imports in July fell 18.8% from the previous month to their lowest daily rate since January.China’s consumer sector also fell into deflation and factory-gate prices extended declines in July, as the world’s second-largest economy struggled to revive demand.