Oil prices slip as U.S. fuel inventories rise.

Oil prices slip as U.S. fuel inventories rise

Oil prices dropped on Wednesday after U.S. fuel stockpiles climbed, indicating declining demand in the world’s biggest oil consumer amid a massive spike in COVID-19 cases caused by the Omicron variant.

Brent crude futures fell 9 cents, or 0.11%, to $79.91 a barrel at 0537 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 13 cents, or 0.17%, to $76.86 a barrel.

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