Oil continued its dips on Wednesday as concerns about worldwide demand on slow economic Chinese figures and a possible surge in US stockpiles topped concerns about supply worries from escalated geopolitical disruptions in the Middle East.

Brent crude dipped 0.44% to $89.62 per barrel, while US crude futures dropped 0.56% to $84.88 per barrel.

Oil have eased this week as unfavourable economic figures negatively impacted investors' sentiments, limiting gains from geopolitical turmoil, with markets anticipate when and how Israel will retaliate after Iran’s strike.

Speaking of the top oil importer, the Chinese economy expanded better than projected in Q1, however, a slew of March figures manifested a lingering weakness.

In the Middle East, the Israeli war cabinet postponed its third meeting until Wednesday in order to deliberate how to respond to Iran's first-ever direct strike. This was done because Western allies wanted to use the impending imposition of additional sanctions on Tehran as a deterrent to Israel's potential big escalation.