Oil closes lower for second consecutive session

Oil drilling rigs

Oil declined today, Aug. 22, after a volatile session, amid demand concerns in China – the world's largest importer of crude.

"Saudi and Russian output cuts have been largely negated by weakening crude demand from China that appeared to develop last month and is apt to continue through the rest of the summer," said Jim Ritterbusch, President of Ritterbusch and Associates, according to a Reuters report.

Oil data provider TankerTrackers.com, based on satellite information, said Iran exported 2.2 million barrels per day of crude oil and condensate during the first 20 days of August, Bloomberg reported.

The official Iraqi News Agency reported that the Iraqi and Turkish oil ministers discussed the importance of resuming oil flows after completing pipeline maintenance, a development that could increase global supply by about 450,000 barrels per day, or roughly 0.5% of global supplies.

The American Petroleum Institute report on oil inventories is expected later today, and the US Energy Information Administration is scheduled to release official data for inventories on Aug. 23, with expectations that crude stocks will decline by 2.9 million barrels.

Brent crude futures for October delivery fell 0.5%, or 43 cents, to settle at $84.03 a barrel. WTI crude for October delivery decreased by 0.6%, or 48 cents, to record $79.64 per barrel.