OIL PRICE: NOT ABOVE $75

Brent dropped 33 cents, or 0.4%, to $74.06 a barrel. WTI inched down 28 cents, or 0.3%, to $71.87 a barrel.

The U.S. dollar boasted its strongest single day gain in 15 months after the Federal Reserve signalled it might raise interest rates at a much faster pace than assumed. 

A firmer greenback makes oil priced in dollars more expensive in other currencies, potentially weighing on demand.

Still, oil price losses were limited as data from the Energy Information Administration showed that U.S. crude oil stockpiles in the world's biggest consumer dropped sharply last week as refineries boosted operations to their highest since January 2020, signalling continued improvement in demand.

Also boosting prices, refinery throughput in China, the world's second largest oil consumer, rose 4.4% in May from the same month a year ago to a record high.

The world's biggest oil traders said this week they saw oil prices staying above $70 a barrel with demand expected to return to pre-pandemic levels in the second half of 2022. 

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