An oil tank and an oil pumpjack are pictured in the Permian basin, Loco Hills regions, New Mexico, U.S., April 6, 2023.
Brent futures slipped 4 cents, to $79.36 a barrel by 0015 GMT while U.S. West Texas Intermediate crude fell 1 cent to settle at $74.82.
Keeping a lid on prices, U.S. crude inventories rose by about 3 million barrels in the week to July 7, according to market sources citing American Petroleum Institute industry figures.
In the previous session, oil rose about 2%, boosted by a falling U.S. dollar and forecasts for global demand for petroleum to increase.
Higher rates can slow economic growth and reduce oil demand.
Persons:
Liz Hampton, Brent
Organizations:
REUTERS, West Texas, American Petroleum Institute, Reuters, Energy Information Administration, International Energy Agency, EIA
Locations:
Loco Hills, New Mexico, U.S, China, Saudi Arabia, Russia