Oil slips after 4-day rally on demand concerns, stock levels

Singapore

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.