The benchmark crude WTI is down marginally by 0.26% to $80.78 today as of 10:43 a.m. EST. Oil prices have dropped nearly 2.3% over the past five sessions after weak economic data from China disappointed traders.
Real estate investments in China have declined by 8.5% over the prior year, and its National Bureau of Statistics has done away with reporting unemployment numbers by age group. While China has announced surprise rate cuts, Russia has increased its interest rate by 3.5% to stem a fall in the ruble.
Numbers from the Energy Information Administration point to a decrease of nearly six million barrels in crude inventories during the week ended August 11. In comparison, analysts were expecting a decrease of only 2.3 million barrels for the week.
Additionally, numbers from the American Petroleum Institute indicate a decrease of nearly 6.2 million barrels in U.S. commercial stockpiles during the week ended August 11. Meanwhile, natural gas is also down nearly 3% to $2.58 today and remains 41.8% lower for the year so far.
The United States Oil Fund ETF (USO) is up 0.3% to $72.85 today and has gained ~7.4% so far this year. Click here to see a list of energy stocks that can be influenced by the latest developments in the energy markets.
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