Economic slowdown concerns, affecting oil prices since the beginning of the week, continue on the 4th day of the week, albeit to a limited extent.
Oil was flatter after three days of slumping, with investors’ hawkish messages from the Fed and data pointing to a massive rise in U.S. crude inventories.
U.S. crude oil dropped almost 6 percent in the previous three days, testing below $87 on the new trading day.
Fed minutes showed officials are determined to raise interest rates to a restrictive level and hold them there to curb inflation, potentially slowing growth and hurting energy demand.
According to people familiar with the release, figures from the American Petroleum Institute showed an increase of more than 7 million barrels last week.
