Oil edged lower on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy.
"The market remains worried about the impact of macro factors such as the economic downward pressure," said analysts from Haitong Futures.
The head of the International Monetary Fund warned that much of the global economy would see a tough year in 2023 as the main engines of global growth - the United States, Europe and China - are all experience weakening activity.The Fed had raised interest rates by 50 basis points in December after four consecutive increases of 75 bps each. If the Fed intensifies its rate hikes, that could slow the economy and hamper fuel consumption.
Lending oil some support, the dollar weakened on Wednesday after posting big gains in the previous session. A weaker dollar typically boosts demand for oil as dollar-denominated commodities become cheaper for holders of other currencies. U.S. crude oil stockpiles likely rose 2.2 million barrels, with distillate inventories also seen down, a preliminary Reuters poll showed on Monday.
Industry group American Petroleum Institute is due to release data on U.S. crude inventories at 4.30 p.m. EDT on Wednesday. The Energy Information Administration, the statistical arm of the U.S. Department of Energy, will release its own figures at 10.30 a.m. on Thursday.
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