Companies United States of America FollowJune 15 (Reuters) - Oil prices edged higher on Thursday, recovering some ground from the previous day's plunge on worries about future U.S. interest rate hikes, with markets now looking to key Chinese economic data for demand indications.
Both benchmarks fell 1.5% on Wednesday after the U.S. Federal Reserve projected more rate hikes this year, triggering fears a higher interest rate environment would slow the economy and lower oil demand.
Attention on Thursday turned to China, the world's top oil importer, set to announce key May economic data, including retail sales and industrial production.
Investors are looking for signs of improvement in the country's patchy economic recovery or further stimulus from Beijing.
In another bearish sign on oil demand, U.S. crude oil stocks rose by about 8 million barrels in the week ended June 9, according to data from the Energy Information Administration.
Persons:
Brent, Arathy Somasekhar, Sonali Paul
Organizations:
. West Texas, U.S . Federal Reserve, U.S, European Central Bank, Bank of England, Energy Information Administration, Analysts, Thomson
Locations:
States, America, U.S, China, Beijing