World oil prices fell on Wednesday after data on the increase in US oil reserves were released, which raised concerns about the oversupply, but hopes of a speedy recovery of the Chinese economy have limited the losses, Reuters reported.

As of 8:17am, Brent oil futures fell by 10 cents—or by 0.2 percent—to $42.98 a barrel, and the West Texas Intermediate oil futures dropped by 12 cents—or by 0.3 percent—to $40.50 a barrel.