LONDON—Oil prices slipped on Wednesday after industry data showed that U.S. crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in top importer China would hurt fuel demand.
Brent crude futures fell 74 cents, or 0.7 percent, to $94.62 a barrel by 1201 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 76 cents, or 0.8 percent, to $88.15 a barrel. The benchmarks fell around 3 percent on Tuesday.
Last week, the market had latched onto hopes that China might be moving toward relaxing COVID-19 restrictions but over the weekend health officials said they would stick to their “dynamic-clearing” approach to new infections….