Oil Updates — Crude edges down; US emergency crude reserves fall
Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rate hikes from central banks may lead to a global economic slowdown and soften fuel demand. Brent crude futures for October settlement dropped 3.56 percent to $101.35 a barrel at 03.00 p.m Saudi time. US West Texas Intermediate crude was at $94.23 a barrel, down 2.87 percent. Crude in US emergency reserve falls to lowest since December 1984 Crude inventory in the US emergency reserves fell by 3.1 million barrels in the week to Aug. 26, according to data from the Department of Energy. Stockpiles in the Strategic Petroleum Reserve fell to 450 million barrels, according to the data, the lowest since December 1984. The 3.1 million-barrel draw was the smallest draw since the end of April. Ecuador’s state oil firm warns Trafigura to stop Russian diesel imports Ecuadoran state oil company Petroecuador has asked global commodities trader Trafigura to stop importing Rus...