Oil dips with interest rates and inventories in focus

The Bank of England is expected to raise rates for a 13th time at 1100 GMT in the face of stubbornly strong inflation.Oil prices held on to most of the previous session’s gains as the market kept a lookout for fresh drivers, such as official U.S. oil inventory data due at 1430 GMT and Chinese factory activity data due next week.

In a preliminary indicator, industry data showed U.S. crude oil inventories fell by about 1.2 million barrels last week, defying forecasts for a build of 300,000 barrels. Meanwhile, an executive at U.S. shale producer EOG Resources said oil prices could rise as muted increases in U.S. oil production and cuts by OPEC+ producers will limit supply in the months ahead.

“With demand seasonally rising over the coming months, we expect larger oil inventory declines to become visible and support oil prices,” said UBS strategist Giovanni Staunovo.Subscribe to our daily newsletter

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Bank of England poised to raise rates after inflation shockThe Bank of England is set to raise interest rates for a 13th time in a row on Thursday, a day after inflation data came in higher than expected again, with investors split on just how big the new hike will be. | Reuters
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