LONDON—Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by U.S. oil inventories hitting their highest in months and signs the U.S. Federal Reserve could keep raising interest rates.
Brent crude futures dipped 12 cents to $84.97 a barrel by 1227 GMT, while U.S. West Texas Intermediate (WTI) crude futures inched down 15 cents to $78.32 a barrel. Both benchmarks have gained over 6 percent so far this week.
