SULAIMANI (ESTA) — Oil prices edged lower on Wednesday on concerns that oil demand growth will fall as major economies suffer through inflation and supply chain issues.
Brent crude futures fell 2 cents to $83.40 per barrel at 0502 GMT, extending 1 23 cent loss on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures dropped by 4 cents to $80.60 a barrel after gaining 12 cents on Tuesday.
Both contracts pared losses after falling as much as 70 cents earlier when China, the world’s biggest crude importer, released data showing September imports fell 15% from a year earlier.
“The data is backward looking, but China’s energy shortages are very real in real-time,” Jeffrey Halley, a senior analyst at brokerage OANDA, told Reuters.
“It will take a material fall in natural gas and coal prices to cap oil prices.”
