Oil ends lower amid fears over China’s COVID surge, while U.S. inventories rise

Oil futures ended lower Thursday as expectations China’s loosening of COVID curbs would spark a rebound in demand gave way to worries that a surge in infections could weigh on the economy.

Also, official data showed an unexpected rise in U.S. oil inventories last week.

Price action

West Texas Intermediate crude for February delivery CL.1, -0.37%   CL00, -0.37%   CLG23, -0.37% fell 56 cents, or 0.7%, to close at $78.40 a barrel on the New York Mercantile Exchange.

February Brent crude BRNG23, -1.19%, the global benchmark, settled $1 lower,...