Crude oil prices today: WTI, Brent pull back [Video]

Oil prices edged lower Thursday, giving up some of the previous session’s gains.

The West Texas Intermediate contract for April lost 33 cents, or 0.42%, to $78.80 a barrel. May Brent futures shed 32 cents, or 0.39%, to $82.64 a barrel.

U.S. crude and the global benchmark gained more than 1% on Wednesday after Federal Reserve Chairman Jerome Powell told Congress that interest rates have likely peaked and are expected to come down this year, although the central bank is taking a cautious approach given an uncertain economic outlook.

Powell will give testimony before the Senate Banking Committee later Thursday.

Energy prices also found support from a smaller-than-expected U.S. crude oil inventory increase and a drop in gasoline stockpiles, potentially indicating that demand is picking up.

Powell’s testimony before Congress provided the oil market with an adrenaline rush, but his cautious approach on rates ultimately dented traders’ enthusiasm, Tamas Varga, an analyst at broker PVM, …