2023.03.2311:29:00UTC+00Oil Prices Drifting Lower On Demand Worries

Crude oil prices are lower Thursday morning amid renewed concerns about the outlook for energy demand after the Fed hiked interest rates and signaled further tightening.

US Treasury Secretary's remarks that the regulators are not looking to provide "blanket insurance" for bank deposits without working with lawmakers.

The Bank of England, scheduled to announce its interest rate decision today, is widely expected to hike rates by 50 basis points.

The Swiss National Bank raised its rates by 50 basis points earlier today, and added that further hikes are likely.

West Texas International Crude futures for May are down $0.52 or 0.73% at $70.38 a barrel.

Brent crude futures are down $0.41 or 0.52% at $76.28 a barrel.

Traders are also looking ahead to the upcoming meeting of the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+.

The group, scheduled to meet in April, is likely to keep output unchanged and maintain a previously announced 2 million barrel per day cut.

Recent data showing a larger than expected drop in gasoline inventories in the U.S. has helped limit the downside in oil prices.