Oil declines but private data shows a potential inventory draw

WTI crude down 56-cents to $44.08

Oil prices fell to as low as $43.81 on conern about global growth after a 2.67% decline in Shanghai stocks today.

However, prices have bounced in the past few minutes. The main driver is a rumored Genscape report that shows a 1.8 million barrel draw at Cushing, OK.

There are some other signs of marginally tighter supply too. In OPEC's monthly report released today they trimmed estimates for 2016 non-OPEC supply by 110K barrels per day, almost from US production.

That synchs with Baker Hughes data released Friday that showed active rigs falling to 652 from 662 the previous week and down from 1,592 a year earlier.