Crude oil prices edge higher, pause from six-day losing streak

Crude oil prices edge higher, pause from six-day losing streak

Oil prices rose slightly in thin Asian trade on Thursday, pausing from a six-day losing streak fed by mounting concerns that more aggressive interest rate increases by central banks could pressure economic growth and fuel demand.

Brent crude futures rose 2 cents to $80.62 per barrel by 0110 GMT. West Texas Intermediate crude futures (WTI) rose 9 cents, or 0.1%, to $74.04 a barrel. Minutes from the latest U.S. Federal Reserve meeting showed that a majority of Fed officials agreed the risks of high inflation remained a key factor shaping monetary policy and warranted continued rate hikes until it was controlled.

U.S. oil inventories have climbed every week since mid-December, stoking investor worries about demand. A Reuters poll had forecast a 2.1 million barrel increase in crude stockpiles last week. Official data from the U.S. Energy Information Administration is due on Thursday at 1600 GMT.