Oil prices steadied on Thursday, a day after rising sharply on a bigger-than-expected fall in U.S. inventories, as attention shifted back to rising interest rates denting global economic growth.
Brent crude futures was up 10 cents, or 0.1%, to $74.13 a barrel by 1032 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 11 cents, or 0.2%, to $69.67 a barrel.
Both benchmarks gained about 3% on Wednesday after the U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in the week ended June 23, far exceeding the 1.8-million barrel draw analysts had forecast in a Reuters poll.
Concerns about the impact that rising interest rates will have on economic growth came back to the fore, however, halting the rally.
Source: Reuters
