Welcome to Seeking Office Wall Street Lunch.

Our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Thursday, August 24th, and I'm your host Kim Kahn.

Our top story so far.

U.S. crude futures have hit four-week lows as troubles in China's property sector add to

concerns about the world's second largest oil consumer.

W.T.I. is trying to avoid a fourth down day in a row.

It's down slightly after closing at 7889 in the previous session,

the lowest settlement since July 26th. An unexpectedly

bullish 6.1 million barrel drop in weekly US crude inventories limited to

sell-off yesterday, but domestic crew production also rose to a fresh three or high at 12.8 million barrels per day.

I.N. G. says the recent oil rally appears to have run out of steam for now, citing China macro issues and growing expectations the Fed is not done with its tightening cycle.

They added that there has been increased noise in recent days about possible supply increases from Iran and Iraq, and you can now add Venezuela to the list,

with reports that the U.S. administration is in talks with Venezuela about easing sanctions

in return for fairer elections next year.

From a technical perspective,

strategist Daniel Dubrovsky wrote in FX Daily

that while the near-term technical landscape is appearing bearish,

the broader upside bias remains focused higher, but he adds that there

are brewing signs of a more bearish action on the four-hour chart where there are outlines

of a bearish head and shoulders formation taking shape.

Now a look at today's trading.

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