Oil flat as China hopes, US stock draw offset recession fears

Oil prices were in a holding pattern on Thursday, as a larger-than-expected draw in U.S. crude stocks and hopes for China demand contended with worries that more aggressive U.S. interest rate rises would slow economic growth.

March 9, 2023 . 8:50 AM

1 min read

Oil prices flat on Thursday, as a larger-than-expected draw in U.S. crude stocks and hopes for China demand contended with worries that more aggressive U.S. interest rate rises would slow economic growth and dent oil consumption.
Brent crude futures edged up by 1 cent to $82.67 per barrel by 0645 GMT, while U.S. West Texas Intermediate (WTI) crude futures were flat at $76.66 a barrel.
Data from the U.S. Energy Information Administration (EIA) showed on Wednesday that U.S. crude stocks fell 1.7 million barrels last week, defying analysts' expectations for a build of 395,000 barrels and ending a 10-week streak of inventory builds.
U.S. gasoline stocks fell by 1.1 million barrels, according to official data, less than the 1.9 million barrel drawdown analysts had forecast, and distillate inventory grew by 138,000 barrels, compared with expectations for a 1-million-barrel drawdown.
China's crude oil imports fell 1.3% in the first two months of 2023 from a year earlier.