Oil dips as dollar firms while more rate hikes loom

Oil prices dipped in Asian trade on Thursday as the dollar firmed, while the possibility of further interest rate hikes from global central banks also heightened demand concerns.

Brent crude futures fell 64 cents, or 0.8%, to $82.06 per barrel by 0730 GMT, while U.S. crude futures slid 73 cents, or 0.9%, to $76.55.

Chinese economic data for November were "much lower than expected, further darkening the demand outlook," Teng added.as factory output slowed and retail sales extended declines, both missing forecasts and clocking their worst readings in six months amid surging COVID-19 cases.in a section of its Keystone pipeline, a week after a leak of more than 14,000 barrels of oil in rural Kansas triggered the whole pipe's shutdown.

U.S. gasoline stocks rose by 4.5 million barrels in the week to 223.6 million barrels, while distillate stockpiles rose by 1.4 million barrels to 120.2 million barrels.

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