LONDON—Oil slipped on Wednesday, adding to a decline in the previous session, as global recession worries edged out optimism for a demand recovery in China.
Crude has rallied in 2023, with global benchmark Brent crude topping $89 a barrel this week for the first time since early December, on the ending of China’s COVID-19 controls and hopes that the rise in U.S. interest rates will soon taper off.
“Whether or not oil prices can resume their march higher will depend on how quickly China’s crude demand bounces back this quarter,” said Stephen Brennock of oil broker PVM.
Brent crude was down 1 cent to $86.12 a barrel by 10:23 GMT after declining 2.3 percent in the previous session. West Texas Intermediate (WTI) U.S. crude slipped 16 cents, or 0.2 percent, to $79.97, after a 1.8 percent drop on Tuesday….