Oil prices dip in U.S. trading as stockpiles swell
LONDON, Feb 9 (Reuters) - Oil prices dipped in U.S. trading hours on Thursday after the country's oil inventories hit their highest in months and on signs that the Federal Reserve could keep raising interest rates.
Brent crude futures slipped 69 cents to $84.40 a barrel by 1322 GMT, while U.S. West Texas Intermediate (WTI) crude futures inched down 76 cents to $77.71 a barrel. Both benchmarks have gained more than 5% so far this week.
Fuel prices in India likely to hike as Turkey earthquake impacts crude oil trade.
The two earthquakes that struck the eastern region of Turkey have impacted crude oil exports worldwide. Turkey has already halted crude oil flows to the Ceyhan export terminal on the Mediterranean coast as a precaution. The state’s pipeline operator BOTAS made the decision soon after the first quake struck.
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BP scales back climate targets as profits hit record
Energy giant BP has reported record annual profits as it scaled back plans to reduce the amount of oil and gas it produces by 2030.
The company's profits more than doubled to $27.7bn (£23bn) in 2022, as energy prices soared after Russia invaded Ukraine.