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NEW YORK, Aug. 19 (UPI) -- Crude oil prices again moved lower at the start of trading Wednesday despite positive signs from the Greek and Chinese economies. Brent crude oil prices fell a fraction of a percent below the previous session's close to $48.62 per barrel in early Wednesday trading. West Texas Intermediate, the U.S. benchmark price for crude oil, lost more than 1 percent to move to $42.15 per barrel.
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Crude oil prices are well below the $100 barrel mark prevalent during the first half of 2014 as supplies far outweigh demand. Data from the American Petroleum Institute, released late Tuesday, show crude oil inventories in the United States dropped 2.3 million barrels for the week ending Aug. 14. The more closely watched report from the U.S. Energy Information Administration could reveal deeper market trends when it's released by mid-day trading.
More crude oil in storage could push crude oil prices lower. British energy company BP shut down part of its Whiting refinery in Indiana, the sixth largest in the United States, Aug. 8 because of unscheduled maintenance.
On the demand side, Asian economic concerns helped push crude prices to new lows in August. Japan's economy reversed course in the latter half of 2015 despite showing strong signs of recovery early in the year. China, meanwhile, is injecting cash into its economy after a series of crashes on the Shanghai Composite Index highlighted marginal weaknesses in Beijing.
The Shanghai Composite closed up 1.2 percent Wednesday after a 6 percent decline earlier this week.
Debt issues in Greece, which played a role in the last global financial crises, sparked concerns in mid-2015. The German parliament, however, voted in favor of another bailout package for Athens. By one notch, Fitch Ratings upgraded its rating for Greece from CCC to B minus.
Recent data from Greece show the economy made a surprise return to growth.
