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 spend…