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Oil prices fall as stocks grow in US

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Some analysts say the speed of China’s actual demand rebound looks uncertain

London — Oil slipped on Wednesday, adding to a decline in the previous session, as a rise in US crude inventories and global recession worries edged out optimism for a demand recovery in China.

Brent crude were down 6c to $86.07 a barrel by 8.20am GMT after declining 2.3% in the previous session.Weighing on prices was a report on Tuesday that US crude stocks rose by about 3.4-million barrels in the week ended January 20, according to market sources citing American Petroleum Institute figures.

Opec+ in October decided to trim output by 2-million barrels per day from November through 2023 on a weaker economic outlook.

 

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