Oil slipped on Wednesday, giving up an earlier gain, as signs of ample supply and rising U.S. crude inventories countered hopes for higher demand arising from a jump in manufacturing in top crude importer China.
U.S. oil inventories rose by 6.2 million barrels in the week ended Feb. 24, according to market sources citing American Petroleum Institute data, ahead of official Energy Information Administration stocks figures at 1530 GMT.
Brent crude was down 33 cents, or 0.4%, to $83.12 a barrel at 1010 GMT., U.S. West Texas Intermediate crude fell 43 cents, or 0.6%, to $76.62. In other signs of ample supply, Russia's oil production reached the pre-sanctions level for the first time in February, the Kommersant business daily reported citing sources, and OPEC production rose in February according to a"China's economy is rebounding now, and this can only be a positive driver for oil prices," said Stephen Brennock of oil broker PVM.
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