Oil prices dip after unexpected rise in US crude stocks
Oil prices inched higher on Wednesday after industry data showed an unexpected rise in U.S. crude stocks, signalling weak demand to markets already worried about recession and disappointing Chinese economic data.
Brent crude futures eased 27 cents, or 0.4%, to $74.01 a barrel by 0019 GMT. U.S. West Texas Intermediate (WTI) crude was at $69.13 a barrel, down 29 cents, or 0.4%.
Both benchmarks climbed over 3% on Tuesday on hopes of rising fuel demand after China’s central bank lowered a short-term lending rate. Prices fell by 4% on Monday on concerns about the Chinese economy after disappointing economic data last week.
