FX.co ★ Oil Prices Decline On Weak China Trade Data

Oil prices fell from 10-month highs on Thursday, as fresh evidence of slowing global growth overshadowed industry data showing another draw in U.S. crude inventories.

Benchmark Brent crude futures fell 0.7 percent to $89.94 a barrel, while WTI crude futures were down 0.8 percent at $86.81.

Earlier today, China reported another monthly decline in exports and imports in August, raising concerns whether the country will achieve its 2023 growth target of around 5 percent set earlier this year.

German industrial output posted a monthly fall of 0.8 percent in July, while EU GDP grew less than expected in the second quarter of 2023, reports out of Europe revealed.

Meanwhile, in a sign of tightening supplies, American Petroleum Institute reported late Wednesday that U.S. crude inventories fell for a fourth straight week, dropping 5.5 million barrels in the week ending Sept. 1.

Official inventory data from Energy Information Administration is due later in the day.