Oil prices were lower today easing down as worries about Chinese demand offset more supportive news. “Chinese data including refinery runs and crude imports are not supportive,” said UBS analyst Giovanni Staunovo. “But demand growth elsewhere is still healthy.” In the US, Federal Reserve Chair Jerome Powell said inflation readings for the second quarter do “add somewhat to confidence” that the pace of price increases is returning to the U.S. central bank’s target in a sustainable fashion, remarks that suggest a turn to interest rate cuts may not be far off. WTI traded down $.30 or -.4% to close at $81.91. Brent traded down $.18 or -.2% to close at $84.85.