Brent crude futures fell 44 cents, or 0.5%, to $94.92 a barrel by 0454 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 53 cents, or 0.6%, to $88.38 a barrel. The benchmarks fell around 3% on Tuesday.
U.S. crude oil inventories rose by about 5.6 million barrels for the week ended Nov. 4, according to market sources citing American Petroleum Institute figures, while seven analysts polled by Reuters estimated on average that crude inventories would rise by about 1.4 million barrels.
Last week, the market had latched on to hopes that China might be moving toward relaxing COVID restrictions but over the weekend health officials said they would stick to their "dynamic-clearing" approach to new infections.
COVID cases in Guangzhou and other Chinese cities have surged, with the global manufacturing hub becoming the country's newest COVID epicentre.
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