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West Texas Intermediate U.S. crude fell 33 cents, also 0.4%, to $80.53 a barrel. In Europe, European Central Bank officials are also wary of inflation and suggesting interest rates must keep rising. Meanwhile, the economy of top crude oil importer China grew by a faster-than-expected 4.5% in the first quarter, while the country's oil refinery throughput rose to record levels in March, data showed. ,Adding more pressure on oil benchmarks is Asian refiners continuing to seize Russian crude in April. India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations.

April 19 (Reuters) - Oil drifted lower on Wednesday as the market weighed potential interest rate hikes from the Federal Reserve that could slow growth and dampen oil consumption, offsetting falling U.S. inventories and strong Chinese economic data. The U.S. Federal Reserve likely has one more interest rate rise in store to fight inflation, Atlanta Fed President Raphael Bostic said on Tuesday. Meanwhile, the economy of top crude oil importer China grew by a faster-than-expected 4.5% in the first quarter, while the country's oil refinery throughput rose to record levels in March, data showed. ,Adding more pressure on the oil benchmarks is that Asian refiners continues to seize Russian crude in April. India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations.

March 21 (Reuters) - Oil drifted lower on Tuesday as more than a week of banking turmoil kept weighing on market confidence. U.S. West Texas Intermediate (WTI) crude futures were down 74 cents, or 1.1%, to $66.90 a barrel. "Oil prices now mainly depend on influences on investor confidence at the macro-level," said analysts from Haitong Futures. "If the banking crisis does not spread further, market sentiment may stabilise and oil prices will have a chance to recover." A preliminary Reuters survey showed that crude oil and product inventories in the U.S were estimated to have fallen last week.

SummarySummary Companies API shows U.S. crude stocks rise - market sourcesOPEC raises 2023 oil demand growth forecastFeb 15 (Reuters) - Oil prices extends losses on Wednesday as a much bigger-than-expected surge in the U.S. crude inventories and expectations of further interest rate hikes sparked concerns over the prospect of weaker fuel demand and economic recession. U.S. crude inventories rose by about 10.5 million barrels in the week ended Feb. 10, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Gasoline stocks rose by about 846,000 barrels, while distillate stocks rose by about 1.7 million barrels, according to the sources, who spoke on condition of anonymity. "The API data put mounting pressure on the oil market as this would be the eighth week of stocks building ... Tepid demand in the U.S. market would continue to depress oil prices in the near term," said analysts from Haitong Futures. Global oil demand will rise this year by 2.32 million barrels per day (bpd), or 2.3%, OPEC said, raising the forecast from February by 100,000 bpd.

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