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Oil dips as potential Fed rate hike overshadows falling stocks

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Oil dropped on Wednesday as the market weighed potential interest rate hikes from the U.S. Federal Reserve that could slow growth and dampen oil consumption, offsetting falling U.S. inventories and strong Chinese economic data.

Brent crude futures shed 35 cents, or 0.4%, to $84.42 a barrel as at 0641 GMT. West Texas Intermediate U.S. crude fell 33 cents, also 0.4%, to $80.53 a barrel.in store to fight inflation, Atlanta Fed President Raphael Bostic said on Tuesday.

Oil prices received a lift from an industry report showing U.S. crude stocks fell about 2.68 million barrels in the week ended April 14, market participants citing American Petroleum Institute figures said on Tuesday. Inventories of gasoline and distillate also fell last week, the people said. "The market has been impatient on the impact China's reopening has had on demand. The fact that its economy is growing at its fastest pace in a year should bode well for demand in coming months," ANZ Research analysts Brian Martin and Daniel Hynes said in a client note.

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