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(Bloomberg) — Oil edged higher, with the outlook for US growth in focus after the Federal Reserve left rates unchanged, while data showed robust fuel consumption.

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Brent crude rose above $71 a barrel after a modest gain on Wednesday, with West Texas Intermediate near $67. Fed Chair Jerome Powell acknowledged the high degree of uncertainty from President Donald Trump’s policy changes, including trade, and new projections showed officials marked down forecasts for growth this year, while boosting inflation estimates.

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US inventories of gasoline, meanwhile, fell last week to the lowest since the start of the year, while distillates — a category that includes diesel — also sank, allaying concerns about consumption. Crude stockpiles rose less than flagged in an industry report, while levels dropped at the Cushing, Oklahoma, hub.

Crude remains markedly below its mid-January peak, as a confluence of bearish factors pressure prices. While the escalating trade war threatens to hit energy demand as tariffs and counter levies are imposed, OPEC and its allies are set to raise output from April, contributing to weaker global balances.

“The Fed preached patience over panic, which kept a lid on escalating demand concerns and supported risk assets,” including oil, said Charu Chanana, chief investment strategist at Saxo Markets Pte. Also, “fading hopes for a ceasefire in the Middle East and the lack of progress in Russia-Ukraine peace talks are keeping geopolitical risks elevated, adding to supply concerns.”

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