Oil steady after surprise dip in U.S. crude stocks offsets demand fears

Brent futures slipped 8 cents, or 0.1%, to $77.04 a barrel, while U.S. West Texas Intermediate crude futures were down 5 cents, or 0.1%, at $72.48 at 0015 GMT.

Supporting the market, U.S. crude oil inventories fell by about 1.2 million barrels in the week ended June 16, sources said citing data from the American Petroleum Institute, an industry group, defying analysts' forecasts for a build of 300,000 barrels. Meanwhile, Fed Chair Jerome Powell in congressional testimony 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 "a pretty good guess".

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