London — 1040 GMT: Crude oil futures were trading lower in the European morning Thursday as growth concerns continue to dominate the market and US stock data released by the US Energy Information Administration showed a smaller-than-expected draw.
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At 1140 BST (1040 GMT), ICE Brent September futures were down 3 cents/b from Wednesday's settle at $63.79/b, while the front-month NYMEX August light sweet crude futures contract was 26 cents/b lower at $57.08/b.
Market participants said concerns surrounding demand growth have overshadowed the extension of the OPEC+ production cuts as indicative data has shown worsening.
"[The extension of the production cuts] supported price in first half of the week...then demand concerns and [concerns over] economic slowdown came to the fore," Commerzbank analyst Carsten Fritsch said Thursday morning.
The market will be looking to the US jobs report released Friday to give further indication of future demand.
In addition to this, support provided by American Petroleum Institute data released Tuesday that indicated a larger-than-expected US stock draw deflated following the more definitive EIA data released Wednesday.
The EIA data showed just a 1.1 million barrel draw for the week ended June 29, while the API data the previous day had indicated a 5 million barrel draw. Analysts surveyed by S&P Global Platts Monday had been expecting a 3.7 million barrel draw.
As of 1040 GMT, the US Dollar Index was down 0.01% at 96.317.
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