2023.03.0108:58:00UTC+00Oil Prices Edge Lower In Choppy Trade

Oil prices fell in choppy trading on Wednesday as industry data showing another sharp rise in crude stockpiles offset optimism about increased demand from China.

Benchmark Brent crude futures slipped 0.3 percent to $83.17 a barrel, while WTI crude futures were down half a percent at $76.67.

Data from the American Petroleum Institute showed that stocks in the United States, the world's biggest oil consumer and producer, rose by 6.2 million barrels in the week ended February 24.

Further, a Reuters survey found that OPEC pumped 28.97 million barrels per day (bpd) in February, up by 150,000 bpd from January.

On the positive side, strong manufacturing data from China helped offset investor concerns over stubborn inflation and fears of further U.S. interest-rate hikes.

Elsewhere in Europe, the euro zone final manufacturing PMI for February came in at 48.5, matching the initial estimate. Separate data showed Germany's jobless rate held stable at low levels in February.

Inventory data from the Energy Information Administration and U.S. manufacturing data will be in focus in the New York session.