Oil Drops as US Inventories Swell Amid China’s Covid Challenges
- US crude inventories rose 3.93m barrels last week: EIA
- WTI drops to near $86 a barrel, extending this week’s decline
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Oil declined as US crude inventories rose while China struggles to contain rising Covid cases.
West Texas Intermediate lost 3.5% to settle near $86 a barrel. US crude stockpiles rose 3.93 million barrels, climbing to the highest since July 2021, according to government data. Meanwhile, swelling virus outbreaks in China show the strain its Covid Zero strategy is facing, with cases in Beijing hitting the highest in more than five months.