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Oil Falls on Concerns of Faltering Economic Growth to Hit Demand

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Oil Falls on Concerns of Faltering Economic Growth to Hit Demand

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LONDON—Oil prices edged down on Wednesday on concerns that oil demand growth will fall as major economies suffer through inflation and supply chain issues though surging prices for power generation fuel such as coal and natural gas limited losses. Brent crude futures fell 24 cents, or 0.2 percent, to $83.18 a barrel at 0830 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 23 cents or 0.2 percent to $80.41 a barrel. Both contracts pared losses after falling as much as 70 cents earlier when China, the world’s biggest crude importer, released data showing September imports fell 15 percent from a year earlier. However, China, along with Europe and India, remains mired in coal and natural gas shortages that have pushed up prices for electricity generation fuels. “These are troubling times for China. A severe energy crisis is gripping the country,” said Stephen Brennock of broker PVM. “The current price …

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