Oil prices slip as China COVID worries, firmer dollar outweigh supply concerns

Oil prices slid on Wednesday as COVID-19 cases in China continued to climb, sparking worries of lower fuel demand in the world’s top crude importer that outweighed concerns about an escalation of geopolitical tensions and tighter oil supply, Reuters reported.
Brent crude futures dropped by 33 cents, or 0.4%, to $93.53 a barrel by 0737 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 44 cents, or 0.5%, to $86.48 a barrel. Both benchmarks fell more than $1 earlier in the session.
Oil prices settled higher on Tuesday after oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline was temporarily suspended, according to oil pipeline operators in Hungary and Slovakia.
Industry data showing a bigger-than-expected drop in U.S. crude stockpiles provided some support to oil prices.
U.S. crude oil inventories fell by about 5.8 million barrels for the week ended Nov. 11, according to market sources citing American Petroleum Institute figures.