Oil fell as concerns over an uneven demand recovery and slowing economic growth due to monetary tightening offset signs of shrinking stockpiles.
West Texas Intermediate dropped below US$80 a barrel after closing little changed Tuesday. The recovery in fuel consumption has been uneven as Asia grapples with a flood of Russian oil into an already well-supplied market. Refiners in the region are mulling run cuts as profits from turning crude into products such as diesel plunge, while timespreads for benchmark Dubai grade weakened.
Crude recently rebounded after tumbling to a 15-month low in mid-March following turmoil in the banking sector. A surprise announcement by OPEC+ on production cuts and curbed Iraqi flows have underpinned some of the gains. After oil inventories crept up over the past year, the producers' group is looking to force consumers to take oil out of storage, helping underpin prices even amid tentative demand growth.
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