Oil prices edged lower on Wednesday after surging in the previous session, as traders weighed fresh US inventory data and signs of possible export relief from northern Iraq against continuing concerns over Middle East supply disruptions.
US Energy Information Administration (EIA) estimates crude oil inventories in China increased by about 900,000 barrels per day (b/d) between January and August this year, essentially acting as a source of demand by removing barrels from the global markets.
