Stronger than expected economic data would make the Federal Reserve more cautious about cutting interest rates.
Oil pulls back from seven-week high as investors reassess Fed rate cut expectations
-92025412284476.jpg)
Oil prices eased on Thursday, retreating from the previous session's seven-week high, as new U.S. economic data tempered optimism around further interest rate cuts.
Brent futures were down 25 cents, or 0.36%, at $69.06 a barrel by 12:24 p.m. EDT (1624 GMT). U.S. West Texas Intermediate futures lost 33 cents, or 0.51%, to $64.66.
Both benchmarks gained 2.5% on Wednesday to reach their highest since August 1, driven by a surprise drop in U.S. weekly crude inventories and concerns that Ukraine's attacks on Russia's energy infrastructure could disrupt supplies.
U.S. gross domestic product increased at an upwardly revised 3.8% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its latest estimate on Thursday.
"The initial reaction on that was a sell-off," said Phil Flynn, a senior analyst at Price Futures Group.
Stronger than expected economic data would make the Federal Reserve more cautious about cutting interest rates.
-920252122624392.jpg "TOREC")
