Oil dips on concerns about demand, U.S stockpiles data awaited

Singapore, May 30 (BNA):  Oil prices eased on Thursday after resilient U.S. economic activity pointed to borrowing costs staying higher for longer in a potential blow to demand.

Ahead of U.S. crude oil stockpiles data due later in the day, Brent futures dipped 26 cents or 0.3% to $83.34 a barrel as of 0630 GMT, while U.S. West Texas Intermediate (WTI) crude fell 23 cents or 0.3% to $79.00, Reuters reported.

Both benchmarks are headed for monthly losses, with Brent futures on track for a decline of more than 5% from last month, while WTI was poised for a slide of over 3%.

U.S. crude oil and gasoline inventories fell last week while distillates rose, according to market sources citing American Petroleum Institute figures on Wednesday.

ZH