Crude oil headed for second consecutive weekly gain

Oil prices were muted by a bigger-than-expected draw in US crude oil inventories

The price of oil fell for a second session on September 8, weighed down by concerns over slow global demand, but was still heading for a second consecutive weekly gain. The price of Brent crude futures declined 33 cents, or 0.4 percent, to $89.59 a barrel by 0050 GMT, while WTI futures declined 33 cents, or 0.4 percent, to $86.54.

As Saudi Arabia and Russia extended their voluntary supply cuts through the end of the year, both benchmarks reached 10-month highs earlier this week. Brent and WTI were still on track for about a 1 percent gain for the week.

China's overall exports and imports fell in August, data showed on September 7, as the twin pressures of sagging overseas demand and weak consumer spending squeezed businesses in the world's second-largest economy. China's crude imports increased 30.9 percent last month as refiners built inventories and increased processing in order to profit from higher fuel exports.

Oil prices were muted by a bigger-than-expected draw in US crude oil inventories. As oil refiners run at high rates to keep up with global energy demand, US crude oil stockpiles fell for the fourth consecutive week, falling over 6 per cent in the past month.