Oil Rally Falters as Growing Stockpiles Outweigh China Demand

WTI slips to $81.62 for second drop in last 12 sessions
Cushing stockpiles rose by 1.6 million barrels through Jan. 17

Oil Heads For Longest Run Of Monthly Gains Since Early 2018 — Photographer: Ian Tuttle/Bloomberg

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By Julia Fanzeres and Immanual John Milton

January 22, 2023 at 11:42 PM UTC

Updated on

January 23, 2023 at 9:07 PM UTC

This article is for subscribers only.

Oil prices fell slightly Monday as rising stockpiles in the US outweighed optimism that Lunar New Year festivities in China boosted demand.

West Texas Intermediate dipped 2 cents to $81.62 a barrel on Monday, marking only the second time oil prices have dropped in the last 12 trading sessions.