Oil prices eased in Asian morning trade on Wednesday as concerns over slow demand from top crude importer China grew after bearish trade and inflation data, outweighing fears over tighter supply arising from output cuts by Saudi Arabia and Russia, APA reports citing Reuters.
Brent crude futures fell 15 cents, or 0.2%, to $86.02 a barrel by 0320 GMT. U.S. West Texas Intermediate (WTI) crude was at $82.75 a barrel, down 17 cents, or 0.2%.
Both contracts gained nearly $1 the previous day.
"Oil prices are struggling to further rise because of lingering concerns over a sluggish recovery in China's economy and fuel demand," said Chiyoki Chen, chief analyst at Sunward Trading.
"Also, with worries over slowing demand in the United States and Europe due to a series of interest rates hikes, upside of oil markets looks to be limited," he added, predicting WTI would trade in the range of $75 to $85 a barrel later this month.
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