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Oil prices were moving lower on Wednesday amid concerns that faltering economic growth will weigh on oil demand growth.

Benchmark Brent crude futures dipped half a percent to $82.98 a barrel, while U.S. oil futures were down 0.6 percent at $80.20.

China’s September crude oil imports fell 15.3 percent from a year earlier, data released earlier in the day showed.

The International Monetary Fund on Tuesday lowered its 2021 global growth forecast, citing supply chain disruptions amid the spread of the Covid-19 Delta variant and cost pressures.

A strong U.S. dollar, which held near a one-year high versus major peers, also weighed on oil prices after three Fed officials including Vice Chair Richard Clarida said overnight that the U.S. economy has healed enough to begin to scale back the central bank’s asset-purchase program.

Traders await U.S. consumer price data due later in the day for additional clues on the Federal Reserve’s interest-rate tapering outlook.

A strong reading could raise bets of earlier-than-expected rate hikes by the U.S. central bank.

U.S. crude oil supply data from the American Petroleum Institute, an industry group, will be released later in the day, followed by data from the U.S. Energy Information on Thursday.


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