After posting significant gains the previous session, oil prices drifted lower on Thursday as investors awaited further clues on the expected raising of the U.S. debt ceiling and a number of economic and monetary policy indicators scheduled for later in the week.
Brent oil futures fell 0.1% to $76.89 a barrel, while West Texas Intermediate crude futures fell 0.1% to $72.83 a barrel by 10.21 A.M. Bangkok time.
On Wednesday, crude prices rose by more than 3% after the administration of President Joe Biden suggested that a deal on increasing the U.S. debt ceiling might be landed as soon as this week in bid to avoid a default.
Market confidence was boosted, and oil prices, which had fallen dramatically over the previous four weeks, began to rise following the move.
However, concerns about rising U.S. crude supplies and weakening global demand drained the oil recovery rally, causing prices to trade lower on Thursday.
According to government statistics released on Wednesday, US crude stockpiles grew by 5 million barrels last week, the largest jump since mid-February.
