Oil near flat as US crude stock draw contends with economic concerns

Brent crude futures had edged higher by 5 cents to $82.71 per barrel by 0103 GMT, while U.S. West Texas Intermediate crude futures gained 5 cents to $76.71 a barrel.

On Tuesday, oil futures fell more than 3% and posted their largest daily fall since early January after comments by U.S. Federal Reserve Chair Jerome Powell that the central bank would likely need toU.S. crude stocks fell 1.7 million barrels last week,showed, compared with analyst estimates for a build of 395,000. Industry data late Tuesday showed a decline in crude inventories for the first time after a 10-week build.

U.S. gasoline stocks drew down by 1.1 million barrels, according to official data, less than the 1.8 million forecast, adding to demand concerns. Distillate inventory grew by 138,000 barrels, compared with expectations for a 1-million-barrel drawdown.

They have made billions in the past year i am sure they will survive

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