Oil prices fell on Wednesday as weak Chinese and Japanese industrial data triggered concerns of an economic slowdown that could lower oil demand, and as an industry data report showed an increase in U.S. crude stockpiles amid soaring output. U.S. West Texas Intermediate crude CLc1 was down 32 cents, or 0.5 percent, at $62.69 a barrel by 0755 GMT, after falling 90 cents in the previous session. Brent crude LCOc1 was down 25 cents, or 0.4 percent, at $66.38 a barrel. On Tuesday, Brent fell 87 cents to $66.63. Traders said oil prices declined on concerns of a slowdown in the global economy after China reported on Wednesday that factory growth in February was at its lowest since July 2016. China is the world’s second-biggest economy and the biggest importer of oil after overtaking the Unites States last year. Crude oil demand is highly correlated to […]