Industry data shows a drawdown despite forecasts for a rise, but a bearish outlook remains as investors brace for steeper US rate hikes
Singapore — Oil prices steadied on Wednesday as industry data showed an unexpected draw in US crude oil inventories, after the market tumbled in the previous session on fears that more aggressive US rate hikes would hit demand.
Data from the American Petroleum Institute showed US crude inventories fell by about 3.8-million barrels in the week ended March 3, according to market sources. The drawdown defied forecasts for a 400,000-barrel rise in crude stocks from nine analysts polled by Reuters. “Fed chair Powell’s comments on ‘higher for longer’ rates spooked markets and sent risk assets, including commodities, sharply down overnight. The short rebound in oil prices today may be due to profit-taking, as nothing has changed fundamentally,” said Tina Teng, an analyst at CMC Markets.
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