Oil falls as China fuel demand concerns linger | Reuters
Oil prices dropped on Thursday on caution about dwindling fuel demand in China, the world's biggest oil importer, due to the economic impact of COVID-19 restrictions.
Brent crude futures had fallen 62 cents, or 0.59%, to $104.70 a barrel by 0712 GMT. U.S. West Texas Intermediate crude futures slipped 48 cents, or 0.47%, to $101.54 a barrel.
Both contracts had settled over 30 cents higher on Wednesday on worries about tight worldwide oil supplies and another drawdown in U.S. distillate and gasoline stocks.
The U.S. Energy Information Administration said crude stocks rose by just 692,000 barrels last week, short of expectations, but distillate inventories, which include diesel and jet fuel, fell to their lowest since May 2008.
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