Oil prices ease on fears of more rate hikes denting fuel demand

TOKYO : Oil prices eased on Thursday, paring some of the previous day's gains, as investors took profits on concerns that further interest rate hikes by central banks could dampen economic growth and global fuel demand.

Both benchmarks climbed about 3 per cent on Wednesday after the U.S. Energy Information Administration said crude inventories dropped by 9.6 million barrels in the week ended June 23, far exceeding the 1.8-million barrel draw analysts had forecast in a Reuters poll. Leaders of the world's top central banks reaffirmed on Wednesday they think further policy tightening will be needed to tame stubbornly high inflation but still believe they can achieve that without triggering outright recessions.

Adding to pressure, annual profits at industrial firms in China, the world's second-biggest oil consumer, extended a double-digit decline in the first five months as softening demand squeezed margins.

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