Oil prices eased for a fourth straight day on Thursday on worries that U.S. borrowing costs could be hiked again if inflation surged, a move that could hurt oil demand.Brent crude futures fell 27 cents, or 0.3 per cent, to $81.63 a barrel at 0004 GMT. U.S.
FILE PHOTO: A general view of a French oil Esso refinery by night in Fos-sur-Mer, France, May 13, 2024. REUTERS/Manon Cruz/File PhotoOil prices eased for a fourth straight day on Thursday on worries that U.S. borrowing costs could be hiked again if inflation surged, a move that could hurt oil demand.
"Various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate," minutes of the Fed's meeting said. Also weighing on the market, U.S. crude stocks rose by 1.8 million barrels last week, according to the Energy Information Administration, compared with an estimate for a 2.5-million-barrel draw.
Russia said it exceeded its OPEC+ production quota in April for"technical reasons" and will soon present to the Organization of the Petroleum Exporting Countries Secretariat its plan to compensate for the error, the Russian Energy Ministry said late on Wednesday.
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