Oil eases on uncertain demand, market eyes US inventory data

Brent futures fell 20 cents, or 0.3%, to $76.92 a barrel at 0400 GMT, while U.S. West Texas Intermediate crude futures were down 19 cents, or 0.3%, at $72.34.

However, the market was cautious as Fed Chair Jerome Powell in congressional testimony on Wednesday reinforced that the central bank's objective was to rein in inflation and said two more 25-basis point rate hikes by year end was "Higher interest rates ultimately increase borrowing costs for consumers, which could slow economic growth and reduce oil demand.

"China's economic rebound is still the focus of oil traders. More stimulus measures by the Chinese government could improve the oil demand outlook," said Tina Teng, markets analyst at CMC, adding that data next week on Chinese factory activity could steer oil price moves.

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