Oil prices were lower today as Chinese demand expectations were tempered. “It seems that (China’s recovery) is not going to happen,” said John Kilduff, partner at Again Capital. “It’s doubtful they’re going to be buying. They bought a lot of crude for storage earlier in the year. They’re sitting on a lot of crude.” Chinas central bank trimmed its one year rate by 10 bps and left its fiver year rate unmoved. Analysts were expecting a larger cut of 15 bps. China is drawing on record inventories amassed earlier this year as refiners scale back purchases after supply cuts pushed prices above $80/bbl. WTI traded down $0.53 or -0.65% to close at $80.72. Brent traded down $0.34 or -0.4% to close at $84.46.