# Oil near flat as US crude stock draw contends with economic concerns
Published: 2023-03-09
Category: Headlines
Category URL: https://brandsjournal.com/category/headlines/
Meta Title: Oil Prices Flat Despite Tightening Supplies and Rate Hikes...
Meta Description: Despite a drop in U.S. crude stocks, concerns about aggressive U.S. interest rate hikes weigh on oil prices. Stay informed on the latest trends.
URL: https://brandsjournal.com/oil-near-flat-as-us-crude-stock-draw-contends-with-economic-concerns/

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By Stephanie Kelly

(Reuters) – Oil prices were near flat on Thursday, as a larger-than-expected draw in U.S. crude [stocks](https://brandsjournal.com/stock-pickers-reckon-its-time-to-move-on-from-central-banks/) contended with worries that more aggressive U.S. interest rate rises would strain economic growth and therefore dent oil consumption.

Brent crude futures had edged higher by 5 cents to $82.71 per barrel by 0103 GMT, while U.S. West Texas Intermediate (WTI) [crude](https://brandsjournal.com/shell-to-shut-in-portions-of-louisiana-zydeco-oil-pipeline-for-maintenance/) futures gained 5 cents to $76.71 a [barrel.](https://brandsjournal.com/russian-urals-crude-oil-prices-jump-ahead-of-eu-embargo/)

On Tuesday, [oil](https://brandsjournal.com/factbox-from-spreads-to-shampoo-palm-oil-is-part-of-everyday-life/) futures fell more than 3% and posted their largest daily fall since early January after comments by U.S. Federal Reserve Chair Jerome Powell that the central bank would likely need to raise interest rates more than expected in response to recent strong data.

U.S. crude stocks fell 1.7 million barrels last week, government data showed, compared with analyst estimates for a build of 395,000. Industry data late Tuesday showed a decline in [crude](https://brandsjournal.com/shell-to-shut-in-portions-of-louisiana-zydeco-oil-pipeline-for-maintenance/) inventories for the first time after a 10-week build.

U.S. gasoline [stocks](https://brandsjournal.com/stock-pickers-reckon-its-time-to-move-on-from-central-banks/) drew down by 1.1 million barrels, according to official data, less than the 1.8 million forecast, adding to demand concerns. Distillate inventory grew by 138,000 barrels, compared with expectations for a 1-million-barrel drawdown.

Oil ministers and executives continued to debate supply tightness at a conference in Houston on Wednesday, with Angola’s secretary of state for [oil](https://brandsjournal.com/factbox-from-spreads-to-shampoo-palm-oil-is-part-of-everyday-life/) and gas saying there was no need for the Organization of the Petroleum Exporting Countries to increase output to make up for Russia’s 500,000 [barrel](https://brandsjournal.com/russian-urals-crude-oil-prices-jump-ahead-of-eu-embargo/) per day cut.

(Reporting by Stephanie Kelly; Editing by Bradley Perrett)


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