02.02.202308:57:00UTC+00Oil Holds Steady After Wednesday's Selloff

Oil prices were flat to slightly higher on Thursday, after having fallen over 3 percent to end at three-week low the previous day amid signs of another large build in U.S. inventories.

Benchmark Brent crude futures were marginally higher at $82.88 per barrel and WTI crude futures were up 0.3 percent at $76.69, with a weaker dollar offering some support.

The dollar hit its lowest level in over nine months as Fed Chair Jerome Powell's dovish comments in a press conference stoked expectation that the Fed might start cutting rates before 2024.

Data from Energy Information Administration (EIA) showed on Wednesday that crude inventories in the U.S. rose by 4.1 million barrels last week, rising for a sixth straight week. Analysts had expected inventories to rise just 0.4 million barrels last week.

Gasoline inventories increased by 2.6 million barrels and distillate stockpiles rose by 2.3 million barrels in the week suggesting weak demand.

Investors were also disappointed by the OPEC+ decision to keep their output policy unchanged, although the decision came along expected lines.