Oil slips as U.S. inventory rise offsets China hopes

LONDON, Jan 25 (Reuters) – Oil slipped on Wednesday, adding to a decline in the previous session, as a rise in U.S. crude inventories and global recession worries edged out optimism for a demand recovery in China.

Crude has rallied in 2023, with global benchmark Brent crude topping $89 a barrel this week for the first time since early December, on the ending of China’s COVID controls and hopes that the rise in U.S. interest rates will soon taper off.

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