Oil prices edged lower on Thursday as investors took profits after two days of gains amid fears of aggressive US interest rate hikes, but the losses were cushioned by expectations of a strong economic recovery that will boost demand in a tightly supplied market.
US West Texas Intermediate (WTI) crude futures settled down 52 cents, or 0.6%, at $82.12 a barrel, after rising 5.6% over the last two days.
Brent crude futures fell 20 cents, or 0.2%, to $84.47 a barrel. It had gained 4.7% over Tuesday and Wednesday.
The Federal Reserve may need to raise rates four times in 2022 if inflation doesn’t improve quickly enough, Chicago Federal Reserve president Charles Evans said on Thursday, adding that because inflation has stayed high longer, the Fed has to take action quicker than expected.
