HOUSTON: Oil prices slipped on Thursday as expectations that US interest rate cuts could be delayed capped gains, though upbeat Chinese trade data augured well for demand in the world’s top oil importer. Brent crude futures were down 58 cents or 0.7% to $82.38 a barrel by 1417 GMT, while US West Texas Intermediate crude futures inched down 67 cents or 0.8% to $78.46 a barrel.

Oil prices retreated from near a 2024 high hit on Wednesday after US data showed oil stocks rose less than expected and fuel inventories fell, in a sign of robust demand. Still, markets were bracing for the likelihood that the US Federal Reserve could delay its first interest rate cut to the second half of this year in a boost to the US dollar, according to a Reuters poll of foreign exchange strategists. A strong greenback dents demand for dollar-denominated oil among buyers using other currencies.

Fed Chair Jerome Powell said on Wednesday continued progress on inflation “is not assured”, though the US central bank still expects to reduce its benchmark interest rate this year.

Meanwhile, China’s import and export growth beat estimates, suggesting global trade is turning a corner in a positive signal for policymakers as they try to shore up economic recovery. China posted a 5.1% rise in imports in the first two months of 2024 from a year earlier to about 10.74 million barrels per day (bpd), customs data showed on Thursday, as crude purchases ramped up to meet fuel sales during the Lunar New Year holiday.