Oil futures pulled back Thursday, with traders unable to shake worries about global economic growth as central banks tighten monetary policy.
Industry data on U.S. petroleum inventories, meanwhile, showed a big drop in crude supplies but a rise in gasoline stockpiles.
West Texas Intermediate crude for August delivery fell $1.08, or 1.5%, to $71.45 a barrel on the New York Mercantile Exchange. August Brent crude, the global benchmark, was down $1.14, or 1.5%, at $76.02 a barrel on ICE Futures Europe.
Back on Nymex, July gasoline dropped 1.9% to $2.574 a gallon, while July heating oil declined 1.2% to $2.534 a gallon. July natural gas, rose 0.4% to $2.607 per million British thermal units.
Oil saw gains Wednesday even though Federal Reserve Chair Jerome Powell reiterated that further interest rate increases were ahead in the bid to bring down inflation. The Bank of England was expected to deliver another rate increase on Thursday, following a half-point rate increase by Norway's central bank.
Source : Marketwatch
