Oil price remained in a narrow band

Oil rose slightly for a third session as investors weighed down lower U.S. inventories and weaker Chinese demand. Brent was little changed for the week, rising above $82 a barrel, while U.S. crude was near $78. Data this week showed a fourth decline in U.S. inventories, which fell to their lowest level since February. Still, there are concerns about energy consumption in China, the world’s largest oil importer. Slowing growth, a lack of major stimulus and higher use of electric vehicles are holding back demand expectations. Crude has held higher since the start of the year on expectations of supply cuts from OPEC+ and lower U.S. interest rates. But market watchers are divided on whether the producer cartel will ease its restrictions next quarter, and a monitoring meeting is scheduled for Aug. 1.