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. Brent crude futures climbed 21 cents, or 0.3%, to $73.41 a barrel by 0009 GMT. U.S. West Texas Intermediate (WTI) crude was at $68.50 a barrel, up 23 cents, or 0.4%.
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. Higher interest rates also strengthen the dollar, making commodities denominated in the U.S. currency more expensive for holders of other currencies.
