Oil prices were little changed on Thursday, with Brent crude trading near $85 a barrel, buoyed by expectations that a strong economic recovery will boost demand, but prices were pressured by rising US inventories and fears of aggressive US interest rate hikes.
Brent crude futures fell $0.18, or 0.2%, to $84.52 a barrel, by 1133 AM ET (1634 GMT).
It had gained 4.7% over Tuesday and Wednesday. US West Texas Intermediate (WTI) crude futures were down $0.16, or 0.2, to $82.48 a barrel, after rising 5.6% over the last two days.
“The US producer price inflation data came in easily as hot as the last month and could put pressure on the Fed to rein in the economy, potentially being a drag on crude prices and supporting the dollar,” said John Kilduff, a partner at Again Capital Management in New York, calling them “modestly worrisome factors.”
Published in The Express Tribune, January 14th, 2022.