Oil falls on fears faltering economic growth to hit demand | Reuters

Oil falls on fears faltering economic growth to hit demand | Reuters

Oil prices edged down on Wednesday as expectations grew that oil demand growth will fall as inflation and supply chain issues strain major economies, though surging prices for power generation fuel limited losses.

Brent crude futures fell 58 cents, or 0.7%, to $82.84 a barrel at 1220 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 48 cents or 0.6% to $80.16 a barrel.

Weighing on prices, China, the world's biggest crude importer, released data showing September imports fell 15% from a year earlier. read more

China, along with Europe and India, remains mired in coal and natural gas shortages that have pushed up prices for the fuels burned for electricity generation and are leading to oil products being used as a substitute.