Oil held losses driven by a big jump in US crude stockpiles and as the Federal Reserve signaled it’s not finished with rate hikes.
West Texas Intermediate futures traded near $68 a barrel on Thursday after falling 1.7% in the previous session. US nationwide inventories rose by the most in four months, according to government data, while stockpiles at the key storage hub in Cushing, Oklahoma, swelled to a two-year high.
Fed officials paused their series of interest-rate hikes but projected borrowing costs will go higher than previously expected to tame what Chair Jerome Powell called surprising persistent inflation. There’s renewed worries the central bank will steer the US economy into a recession.
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