Oil prices flat as rate, inflation jitters offset big inventory draw
Investing.com-- Oil prices steadied in Asian trade on Thursday as optimism over a bigger-than-expected draw in U.S. inventories was offset by caution ahead of key economic data that is likely to factor into interest rates.showed on Wednesday that U.S. oil inventories shrank nearly 6.5 million barrels in the week to May 24, much more than expectations for a draw of 1.9 mb.
Concerns over high U.S. interest rates have been a key weight on oil prices in recent sessions, as several Fed officials also warned that the bank needed more confidence inflation was easing before it could begin trimming rates.data- which is the Fed’s preferred inflation gauge- is due on Friday, and is likely to factor into the central bank’s outlook on interest rates.
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