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Oil edges up as market weighs economy, awaits inventory data

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Oil prices edged up on Thursday, after Brent crude posted its biggest single-day loss in seven weeks the day before, as market players reassessed prospects for supply and demand.

Investors in energy markets are weighing the prospects for China's reviving demand against tepid consumption in the United States and other advanced economies, analysts from Haitong Futures said.

Brent crude futures rose 41 cents, or 0.5%, to $81.01 per barrel by 0754 GMT. West Texas Intermediate crude futures advanced 38 cents, also 0.5%, to $74.33. Both benchmarks lost more than $2 in the previous trading day on expectations of more aggressive interest rate increases.majority of Fed officials

agreed the risks of high inflation remained a key factor shaping monetary policy and warranted further rate hikes until it was controlled. The policymakers also suggested that a shift to smaller hikes would let them calibrate more closely with incoming data.

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Oil edges up as market weighs economy outlook, awaits stocks dataOil edged up on Thursday after Brent crude posted its biggest single-day loss in seven weeks the day before, as market players reassess positions after the U.S. Federal Reserve stoked worries about the economy by suggesting further rate hikes ahead. JustStop_Oil StopBigOil BlackSnakeAnnals
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