# Oil near flat as US crude stock draw contends with economic concerns
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-03-09
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Oil Prices Steady Despite U.S. Interest Rate Concerns
Meta Description: Stay updated on oil price trends with Reuters. U.S. crude stocks, interest rate worries, and supply debates impact Brent and WTI futures.
URL: https://financedigest.com/oil-near-flat-as-us-crude-stock-draw-contends-with-economic-concernshtml

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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 contended with worries](https://www.financedigest.com/stocks-falter-as-economic-worries-nag-nz-delivers-big-rate-hike.html "Stocks falter as economic worries nag, NZ delivers big rate hike") that more aggressive U.S. interest rate rises would strain [economic growth](https://www.financedigest.com/addressing-the-credit-gap-to-unlock-economic-growth-in-africa.html "Addressing the credit gap to unlock economic growth in Africa") and therefore dent oil consumption.

Brent crude futures had [edged higher](https://www.financedigest.com/londons-ftse-100-edges-higher-set-for-fourth-weekly-gain.html "London’s FTSE 100 edges higher, set for fourth weekly gain") by 5 cents to $82.71 per barrel by 0103 GMT, while U.S. West Texas Intermediate (WTI) crude [futures gained](https://www.financedigest.com/dollar-gains-as-wall-street-retreats-on-future-fed-hikes.html "Dollar gains as Wall Street retreats on future Fed hikes") 5 cents to $76.71 a barrel.

On Tuesday, oil futures fell more than 3% and posted their [largest daily fall since early](https://www.financedigest.com/first-quarter-dash-for-cash-largest-since-early-2020-bofa.html "First quarter ‘dash for cash’ largest since early 2020 -BofA") 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](https://www.financedigest.com/dollar-firms-after-u-s-labor-data-suggests-more-rate-hikes.html "Dollar firms after U.S. labor data suggests more rate hikes").

U.S. [crude stocks](https://www.financedigest.com/oil-dips-after-fed-comments-us-crude-stock-build.html "Oil dips after Fed comments, US crude stock build") fell 1.7 million barrels last week, government data showed, compared with analyst estimates for a build of 395,000. Industry [data late](https://www.financedigest.com/how-companies-can-use-big-data-to-detect-risks-before-its-too-late.html "How companies can use big data to detect risks before it’s too late") Tuesday showed a decline in crude inventories for the first time after a 10-week build.

U.S. gasoline stocks drew down by 1.1 million barrels, according to official data, less than the 1.8 million forecast, adding to [demand concerns](https://www.financedigest.com/oil-falls-on-concerns-economic-slowdown-may-dent-fuel-demand.html "Oil falls on concerns economic slowdown may dent fuel demand"). 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 and gas [saying there was no need for the Organization of the Petroleum Exporting Countries to increase](https://www.financedigest.com/should-we-be-more-cautious-about-contactless-1-in-4-young-adults-with-contactless-cards-say-theyve-increased-their-spending.html "Should we be more cautious about contactless? 1 in 4 young adults with contactless cards say they’ve increased their spending") output to make up for Russia’s 500,000 barrel per day cut.

(Reporting by Stephanie Kelly; Editing by Bradley Perrett)


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