Oil Slips as Recession Fears Offset Market Optimism for China’s Demand Recovery

Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB), gasoline, diesel fuel, and other petroleum products, in Carson, Calif., on March 11, 2022. Bing Guan/Reuters

LONDON—Oil slipped on Wednesday, adding to a decline in the previous session, as global recession worries edged out optimism for a demand recovery in China.

Crude has rallied in 2023, with global benchmark Brent crude topping $89 a barrel this week for the first time since early December, on the ending of China’s COVID-19 controls and hopes that the rise in U.S. interest rates will soon taper off.