Oil falls on renewed demand concerns, rate hike expectations

Oil prices fell on Wednesday as COVID-19 curbs in top crude importer China and expectations of further interest rate hikes fanned concerns of a global economic recession and lower fuel demand growth.

Brent crude futures fell $1.12, or 1.2%, to $91.71 a barrel at 0113 GMT after slipping 3% in the previous session. U.S. West Texas Intermediate crude futures declined by $1.25, or 1.4%, to $85.63 a barrel.