The outlook for demand China, the world's biggest crude buyer, was also unclear amid a slowing economy.
Crude prices may struggle to find a clear direction amid a mixed global demand outlook in the next few weeks, Citi analysts said in a note. Demand sees "a mixed picture with stronger gasoline and jet fuel demand, but weaker petchems and diesel," the analysts said. Brent crude prices have broken to a higher range through July, after getting stuck in a $72 to $78 range through May and June, the Citi analysts added, with support amid Saudi output cuts and geopolitical risks.
Reporting by Jeslyn Lerh in Singapore; Additional reporting by Laura Sanicola in Washington; Editing by Sonali Paul and Miral FahmyReports on oil and energy, including refineries, markets and renewable fuels. Previously worked at Euromoney Institutional Investor and CNN.
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Oil dips amid mixed market signalsGlobal oil prices edged down on Wednesday, after opening higher at the start of Asian trade, as markets weighed US demand concerns against China’s pledge to support economic growth, tighter Russian supply and declining US inventories.
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