Oil prices were little changed in cautious trade on Thursday, after having risen sharply the previous day on data showing a sharp drop in U.S. crude stockpiles in the week ended June 23rd.
Brent crude futures were marginally lower at $74.23 a barrel, while WTI crude futures were up 0.1 percent at $69.64.
The dollar inched higher, keeping oil prices under pressure.
Investors grew uneasy over the impact of higher interest rates on growth after global central bankers reaffirmed their resolve to fight inflation, warning rates may need to rise further.
Federal Reserve Chair Jerome Powell said during a panel discussion at the ECB Forum on Central Banking in Sintra, Portugal, that there was "more restriction coming" and successive rate rises were not off the table.
European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey also made hawkish remarks while in contrast, Bank of Japan Governor Kazuo Ueda noted that there's still some distance to go to consider an exit from ultra-easy stimulus.
Meanwhile, investors await Chinese PMI data for additional clues to the country's post-COVID recovery.
Data due on Friday may show that China's manufacturing activity contracted for a third straight month in June.
