OIL PRICES DIP ON U.S. INVENTORY BUILD, CHINA COVID WORRIES

Oil prices edged lower as industry data showed U.S. 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 by 0727 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 20 cents, or 0.2%, to $88.71 a barrel. The benchmarks fell around 3% on Tuesday.

U.S. 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 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

Source: National News Agency – Lebanon