Oil holds near $85/bbl on stronger demand prospects | Reuters
Oil prices were little changed on Thursday, with Brent crude trading near $85 a barrel, buoyed by expectations that a strong economic recovery will boost demand, but prices were pressured by rising U.S. inventories and fears of aggressive U.S. interest rate hikes.
Brent crude futures fell 18 cents, or 0.2%, to $84.52 a barrel, by 1133 a.m. ET (1634 GMT). It had gained 4.7% over Tuesday and Wednesday.
U.S. West Texas Intermediate (WTI) crude futures were down 16 cents, or 0.2, to $82.48 a barrel, after rising 5.6% over the last 2 days.
"The U.S producer price inflation data came in easily as hot as the last month and could put pressure on the Fed to rein in the economy, potentially being a drag on crude prices and supporting the dollar," said John Kilduff, a partner at Again Capital Management in New York, calling them "modestly worrisome factors."
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