WASHINGTON (dpa-AFX) - Oil prices fell on Wednesday due to concerns over global oil demand.
Benchmark Brent crude futures dipped 0.8 percent to $89.32 a barrel in European trade, while WTI crude futures were down 0.8 percent at $84.66.
Demand concerns returned to the fore after China reported mixed March data and more Fed officials warned about rates staying higher for longer.
China's Q1 GDP beat forecasts but retail sales and industrial output figures for March disappointed, underscoring the economic challenges facing the world's second-largest economy.
The International Monetary Fund said on Tuesday that a resilient global economy is set for steady growth in the next two years, but the growth will be uneven amid persistent risks.
Hopes for early U.S. interest rate cuts faded after Fed Chair Jerome Powell and Vice Chair Philip N Jefferson warned about upside risks to inflation.
The U.S. Department of Energy is scheduled to release updated statistics on crude oil and petroleum product inventories later in the day.
The American Petroleum Institute reported on Tuesday that U.S. crude oil inventories rose by 4.1 million barrels during the week ended April 12.
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