Oil slips after 4-day rally on demand concerns, high stocks


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Oil prices fell on Wednesday as renewed concerns over global demand and high stock levels halted a rally that pushed up prices by about 19 per cent over the past four sessions.

The recent rebound was driven by hopes that prices may have hit a bottom after a seven-month rout slashed oil futures by nearly 60 per cent and prompted major energy firms to cut spending on new production.
But weak data from key consumer China has rekindled demand concerns, dragging on oil prices.

Brent was 17 cents lower at $57.74 a barrel by 0742 GMT, after gaining almost 6 per cent on Tuesday and off a near six-year low of $45.19 reached in mid-January.

US crude was down 76 cents at $52.29 a barrel. It settled up 7 per cent on Tuesday, after trading at $54.24 earlier in the day – above a near six-year low of $43.58 hit last week.


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Oil futures reclaimed the $50 level on Wednesday, taking their cue from a rally in heating oil and gasoline despite a U.S. government report showing that crude supplies rose for a seventh straight week.
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