Brent crude dipped 12 cents to $87.43 a barrel by 0955 GMT while West Texas Intermediate crude edged down by 21 cents to $84.19.
Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for tensions between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments. "The poor state of China’s manufacturing, its property sector and some stubborn world inflation stand out as issues that the oil fraternity chooses to ignore at present."
"It will take something big for the Fed to consider hiking again, you would think, having shifted to a more gradual approach in recent months," said OANDA analyst Craig Orlam.rose by 5.9 million barrels in the past week, eclipsing analyst expectations in a Reuters poll for a rise of 0.6 million barrels, U.S. Energy Information Administration data showed on Wednesday.