Oil Prices Claw Back Some Losses But Demand Concerns Remain

Crude oil prices were moving higher in early trade on Thursday after tumbling on Wednesday afternoon. Despite the Federal Reserve’s decision to keep interest rates unchanged, oil prices dropped on Wednesday. News of a significant inventory build from the EIA combined with warnings from the Fed of another two hikes by the end of the year added downward pressure to oil markets. While the market was slow to react to the EIA’s report of a hefty crude oil inventory build for the week to June, along with builds in both gasoline and middle…