Oil Prices Fall for Fifth Session amid Global Demand Concerns

Oil prices fell for a fifth straight session on Thursday as investors worried about the global demand outlook, despite a decline in US fuel inventories and expectations of a US interest rate cut in September. Brent crude futures fell 9 cents to $75.96 a barrel, while US West Texas Intermediate (WTI) crude futures fell 19 cents to $71.74 a barrel. The front-month WTI contract crude for October has fallen 6.9 percent since Aug. 15, while Brent futures are down 6.4 percent over the same period. Prices fell after a report on Wednesday of revised US employment statistics that showed fewer jobs than previously reported, along with weak economic data from China, the world's second-largest economy. The revised job data offset support from a drop in US oil inventories. Source: Qatar News Agency