WASHINGTON (dpa-AFX) - Oil prices declined on Thursday as China's crude import data for the January-February period painted a mixed picture.
The downside, however, remained capped amid the dollar's retreat in forex markets, heightened tensions in the Middle East and Red Sea region, and Saudi Arabia's decision to raise the prices for its flagship crude grade to Asia.
Benchmark Brent crude futures fell 0.7 percent to $82.42 a barrel, while WTI crude futures were down 0.7 percent at $78.55.
China's crude oil imports rose year-on-year in the first two months of the year, but the growth was weaker than the preceding months.
According to customs data released earlier today, China's crude imports grew 5.1 percent in the January-February period from the same period in 2023. However, on a barrel per day (bpd) basis, the increase was only 3.3 percent.
Both Brent and WTI benchmarks rose around 1 percent on Wednesday after the latest EIA data showed steep draws of more than 4 million barrels each in crude and distillate stocks.
The dollar was on the backfoot in European trade after Federal Reserve Chair Jerome Powell signaled in testimony to a House of Representatives that the Fed is on track to cut interest rates 'at some point this year'.
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