Oil prices ease on weaker economic data from China, Japan

NEW DELHI: Oil prices eased on Wednesday, giving up earlier gains, after China and Japan reported weak economic data, fuelling concerns about growth and oil demand in the world’s top consumers.
Brent crude futures was down 34 cents, or 0.3%, to $104.30 a barrel at 0501 GMT, while US West Texas Intermediate (WTI) crude futures fell by 46 cents, or 0.5%, to $100.14 a barrel. Both contracts had surged more than 6% in the previous session.
China’s crude oil imports slipped 14% from a year earlier, extending a two-month slide, as strict measures to curb the spread of Covid-19 impacted demand in the world’s top crude importer.
The world’s top crude oil buyer imported 42.71 million tonnes last month, equivalent to 10.06 million barrels per day, data from the General Administration of Customs showed on Wednesday.