Oil prices steadied in Asian trade on Thursday as traders digested hawkish signals from the Federal Reserve, while U.S. President Donald Trump reiterated plans to increase domestic energy production.
Oil prices were nursing losses over the past week after Trump called for lower oil prices and higher output in the U.S. and other major suppliers. Data showing a bigger-than-expected build in U.S. oil inventories also weighed on crude prices.
Markets remained largely skittish over Trump's plans to impose more trade tariffs on major global economies, especially China. The White House on Wednesday reiterated his plans to begin imposing tariffs from February 1.
Brent oil futures expiring in March rose 0.2% to $76.71 a barrel, while West Texas Intermediate crude futures rose 0.3% to $72.81 a barrel by 20:29 ET (01:29 GMT).
Trump tariffs, energy policy in focus
Trump on Wednesday claimed that the Fed had failed in stopping the "problem they created with inflation," and that he would help ease price pressures by "unleashing American energy production," among other measures.
Source: Trading Economics
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