Oil prices slipped on Wednesday after industry data showed that U.S. crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in top importer China would hurt fuel demand.
Brent crude futures fell 61 cents, or 0.6%, to $94.75 a barrel by 1000 GMT, while U.S. West Texas Intermediate crude futures fell 68 cents, or 0.7%, to $88.23 a barrel. The benchmarks fell around 3% on Tuesday.
Last week, the market had latched onto hopes that China might be moving toward relaxing COVID-19 restrictions but over the weekend health officials said they would stick to theirCOVID-19 cases in Guangzhou and other Chinese cities have surged, with millions of residents of the global manufacturing hub being required to have"With that narrative getting pushed back, coupled with a considerable build on U.S. inventory data, implying dimming U.S.
The market will be looking out for official U.S. inventory data from the Energy Information Administration due at 10:30 a.m. EST for a further view on demand in the world's biggest economy."In addition to ongoing OPEC+ supply cuts, Russian oil supply should fall as the EU ban on Russian crude and refined products comes into effect," ING commodities strategists said in a note.
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