LONDON—Oil futures dipped slightly on Thursday, with trader expectations of further interest rate hikes countered by potentially bullish U.S. oil inventory data after preliminary figures showed a fall in stocks.
Brent futures eased by 47 cents, or 0.6 percent, to $76.65 a barrel at 0840 GMT and U.S. West Texas Intermediate (WTI) crude futures were down 44 cents, or 0.6 percent, at $72.09.
The benchmarks had firmed in the previous session as U.S. corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls could lower biofuels blending and increase oil demand.
However, the market was cautious after Fed Chair Jerome Powell said two more interest rate hikes of 25 basis points each by the end of the year was “a pretty good guess.”…