Oil prices ease on weaker economic data from China, Japan

Active pumpjacks from oil wells are pictured at the Inglewood Oil Field, the largest urban oil field in the United States, from the Baldwin Hills Scenic Overlook in Culver City, California, U.S., March 10, 2022. Picture taken March 10, 2022. REUTERS/Bing Guan

April 13 (Reuters) – Oil prices eased on Wednesday, giving up earlier gains, after China and Japan reported weak economic data, fuelling concerns about growth and oil demand in the world’s top consumers.

Brent crude futures was down 34 cents, or 0.3%, to $104.30 a barrel at 0501 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell by 46 cents, or 0.5%, to $100.14 a barrel. Both contracts had surged more than 6% in the previous session.

China’s crude oil imports slipped 14% from a year earlier, extending a two-month slide, as strict measures to curb the spread of COVID-19 impacted demand in the world’s top…