Oil falls for a fourth day as China COVID concerns grow

Oil prices fell for a fourth day on concerns that new COVID curbs in China, the world’s biggest crude importer, will impact fuel demand. | Reuters

Adding to market gloom was a big build in U.S. crude inventories reported on Wednesday.

Crude oil stockpiles rose by 3.9 million barrels last week, the U.S. Energy Information Administration said, taking inventories to their highest since July 2021. Bearishness around the rise in U.S. crude oil stockpiles may have been overdone, Commonwealth Bank analyst Vivek Dhar said.

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