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Oil Slips as US Supply Build Overshadows Stronger China Outlook

  • OPEC, IEA reports show positive demand indications on China
  • WTI recovers part of the two dollars it shed in the morning
Updated on

Oil fell in a volatile session that was buffeted by a wave of supply and demand data and a sharply stronger dollar. 

West Texas Intermediate pared sharp losses following US data that showed total crude inventories rose to their highest since the summer of 2021. The International Energy Agency boosted its forecast Wednesday for global oil demand this year as China reopens its economy, echoing OPEC’s tighter outlook from the day before. Meanwhile, a robust dollar was pressuring almost all commodities lower, capping bulls’ ability to break out.