Oil steady despite decline in US inventories

Oil drilling rigs

Oil was stable today, March 9, despite an unexpected drop in US oil inventories and amid concerns over the possibility of interest rates hike.

International benchmark Brent crude held at $82.60 a barrel, at 9:06 am Makkah time. West Texas Intermediate (WTI) crude was trading at $76.60 a barrel.

US Energy Information Administration data showed a decline in oil inventories by 1.7 million barrels last week, marking the first decline this year.

Meanwhile, US Fed Chairman Jerome Powell confirmed to Congress on March 8 that the central bank may raise interest rates higher than expected, but made clear that he had not made a decision on the March meeting.