Oil ticks up as drop in US crude and gasoline stocks exceeds view

Oil prices edged higher on Wednesday as markets worried about supply tightness in the U.S., the world's biggest oil consumer, after data showed a larger-than-expected draw in its crude and gasoline inventories.

Both contracts had fallen about 2.5 per cent in the previous session on signals that central banks may not be done with interest rate hikes. Gasoline inventories fell by about 2.9 million barrels, compared with estimates for a draw of 126,000. On the demand side, European Central Bank President Christine Lagarde said on Tuesday that stubbornly high inflation will require the bank to avoid declaring an end to rate hikes. Higher interest rates can weigh on economic activity and oil demand.

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