© Reuters. The sun sets behind the chimneys of the Total Grandpuits oil refinery, southeast of Paris, France, March 1, 2021. REUTERS/Christian Hartmann
By Laura Sanicola
(Reuters) -Oil prices settled lower on Wednesday, pressured by low economic activity in leading crude importer China and a surprise build in inventories as producers ramped up output following frigid weather this month.
futures for March, which expire on Wednesday, settled down $1.16, or about 1.4%, to $81.71 a barrel while the more actively traded April contract settled down $1.89, or about 2.3%, at $80.55.
U.S. West Texas Intermediate crude futures settled down $1.97, or roughly 2.5%, to $75.85. Both benchmarks fell by more than $2 a barrel earlier in the session.
Manufacturing activity in China, the world’s second-largest economy, contracted for a fourth straight month in January, an official factory survey showed on Wednesday.
The latest sign of the…
