Calm trend in oil

Oil prices are trading flat after three days of declines as industry forecasts point to a new decline in U.S. crude inventories, easing concerns about a weaker demand outlook in China. Brent crude traded just below $84 a barrel, while U.S. crude was close to $81. U.S. crude inventories fell by 4.4 million barrels last week, according to a report by the American Petroleum Institute, according to people familiar with the figures. Official inventory data is due later on Wednesday and, if confirmed, would be the longest streak of declines since September. Crude has remained higher for the year after OPEC+ cut supply, but prices have retreated from a peak earlier this month on signs of weaker demand in top importer China. The country grew at its slowest pace in five quarters in the three months to June, and the International Energy Agency has linked its expectations for weaker oil demand growth to the Asian nation’s slowdown. Russia is planning extra crude production cuts to make up for pumping above its OPEC+ quota, people familiar with the matter said.