Oil prices trimmed their gains as signs of a strong economic recovery in China, the main importer of crude oil, were held back by a stronger dollar and fears of possible interest rate hikes in Europe and the United States.
Brent crude oil futures closed up 44 cents, or 0.52%, at US$84.75 a barrel. U.S. West Texas Intermediate (WTI) crude futures added 47 cents to US$78.16.
Manufacturing activity in China grew at the fastest pace in more than a decade last month, data showed wednesday, adding to evidence of a rebound in the world's second-largest economy after the removal of tight curbs by Covid-19.
Eurozone inflation posted a higher-than-expected annual rate of 8.5% in february, according to a first estimate from the European Union's statistics agency.
In the U.S., the tenth consecutive week of crude oil stockpile accumulation also weighed.
Record U.S. crude exports, however, kept the build at lower levels than in recent weeks, the Energy Information Administration (EIA) reported.
Oil was also held back by a strengthening dollar after U.S. jobless benefit claims pointed to a strong labor market. With other data showing rising labor costs, investors expect the Federal Reserve to keep interest rates higher for longer.
Translated by: A.M