Oil prices reversed their upward trajectory in early trading on Wednesday, as concerns about raising interest rates from the Federal Reserve, which could slow growth and reduce oil consumption, outweighed falling US inventories and strong Chinese economic data.
Brent crude futures were down 29 cents, or 0.34 percent, at $84.47 a barrel at 0547 GMT. US West Texas Intermediate crude fell 26 cents, or 0.32 percent, to $80.60 a barrel.
Federal Reserve Bank of Atlanta President Rafael Bostick said on Tuesday that the Fed likely has another rate hike to fight inflation.
Markets expect an 86 percent chance that the Fed will raise interest rates by 25 basis points at the May meeting.
