Oil prices held on to most of the previous day's gains in early trade on Thursday as markets weighed an unexpected draw in U.S. crude oil stocks against the prospect of weaker demand after the Federal Reserve chairman hinted at further interest rate hikes. Brent futures slipped 8 cents, or 0.1%, to $77.04 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 5 cents, or 0.1%, at $72.48 at 0015 GMT. The benchmarks had gained a dollar a barrel in the previous session as U.S. corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls around the globe could lower biofuels blending and increase oil demand.
Oil prices ease as global growth concerns weigh on energy demand despite Saudi Arabia's output cut pledge. Economic factors and dollar strength impact crude market.