Brent, WTI Prices Edge Lower

Brent, WTI Prices Edge Lower
Brent, WTI Prices Edge Lower

Oil prices edged lower as industry data showed US crude stockpiles rose more than expected and on worries a rebound in Covid-19 cases in top importer China would hurt fuel demand.
Brent crude futures fell 9 cents, or 0.1%, to $95.27 a barrel, while US West Texas Intermediate crude futures fell 20 cents, or 0.2%, to $88.71 a barrel, Reuters reported.
The benchmarks fell around 3% on Tuesday.
US crude oil inventories rose by about 5.6 million barrels for the week ended Nov. 4, according to market sources citing American Petroleum Institute figures, while seven analysts polled by Reuters estimated on average that crude inventories would rise by about 1.4 million barrels.
Last week, the market had latched on to hopes that China might be moving toward relaxing Covid-19 restrictions but over the weekend, but health officials said they would stick to their "dynamic-clearing" approach to new infections.
Covid-19 cases in Guangzhou and other Chinese cities have surged, with millions of residents of the global manufacturing hub being required to have Covid-19 tests on Wednesday.
"With that [China reopening] narrative getting pushed back, coupled with a considerable build on US inventory data, implying dimming US demand, the recessionary crews are back out in full force this morning in Asia," Stephen Innes, managing partner at SPI Asset Management, said in a note.

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