Oil falls as China's lockdowns continue to dampen demand hopes

ANKARA

Oil prices edged lower on Wednesday as market players focused on the economic downturn from lockdowns in China, the world’s largest oil-consuming country.

International benchmark Brent crude traded at $95.34 per barrel at 09.58 a.m. local time (0658 GMT), a 0.02% decrease from the closing price of $95.36 a barrel in the previous trading session.

The American benchmark West Texas Intermediate (WTI) traded at $88.87 per barrel at the same time, a 0.04% loss after the previous session closed at $88.91 a barrel.

Price declines in China have been primarily driven by concerns about demand as the country continues to impose lockdowns and other measures in accordance with its "zero-covid" policy.

In contrast to the market consensus of a 1.1-million-barrel increase, the American Petroleum Institute (API) reported its estimate of a surge of over 5.6 million barrels in US crude oil stocks late Tuesday.

A more-than-expected stockpile increase signals a drop in crude demand, weighing prices down.

The US Energy Information Administration (EIA) will release official oil stock data later Wednesday, and if a build in stock levels is confirmed, prices will fall.

However, investor concerns about a lack of supply limited further losses as EU countries prepare sanctions on Russian oil exports, which are set to take effect on Dec. 5 in response to Russia's attack on Ukraine.

ANKARA

Oil prices edged lower on Wednesday as market players focused on the economic downturn from lockdowns in China, the world’s largest oil-consuming country.

International benchmark Brent crude traded at $95.34 per barrel at 09.58 a.m. local time (0658 GMT), a 0.02% decrease from the closing price of $95.36 a barrel in the previous trading session.

The American benchmark West Texas Intermediate (WTI) traded at $88.87 per barrel at the same time, a 0.04% loss after the previous session closed at $88.91 a barrel.

Price declines in China have been primarily driven by concerns about demand as the country continues to impose lockdowns and other measures in accordance with its "zero-covid" policy.

A more-than-expected stockpile increase signals a drop in crude demand, weighing prices down.

The US Energy Information Administration (EIA) will release official oil stock data later Wednesday, and if a build in stock levels is confirmed, prices will fall.