NNA - Oil prices stabilised on Wednesday as investors weighed worries about China's embattled economy against tighter supply in the United States.

Brent crude futures edged up 20 cents to $85.09 a barrel by 0831 GMT, while U.S. West Texas Intermediate crude (WTI) crept 18 cents higher to $81.17 a barrel.

Both benchmarks fell more than 1% in the previous session to their lowest since Aug. 8.

China's sluggish economy is in focus, after retail sales, industrial output and investment figures failed to match expectations, fuelling concern over a deeper, longer-lasting slowdown in growth.

This July activity data has prompted concerns that China may struggle to meet its growth target of about 5% for the year without more fiscal stimulus.

China's central bank made a marginal cut to interest rates after data that highlighted intensifying pressure on the economy, mainly from the property sector, though analysts say the cut was too small to make a meaningful difference.

Both the OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and allies, and the International Energy Agency (IEA) are banking on China - the world's biggest oil importer - to galvanise crude demand over the rest of 2023.--REUTERS

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