OPEC scheduled to meet June 1
US crude inventory rise suggests soft demand
Stubborn inflation keeps rate hike on the agenda

LONDON, May 23 Reuters Oil prices were little changed on Thursday after the minutes of a U.S. Federal Reserve meeting revealed discussions of a further tightening of interest rates if inflation remained sticky, a move that could hurt oil demand.

Brent crude futures were up 10 cents, or 0.1, at 82.00 a barrel by 0850 GMT. U.S. West Texas Intermediate crude WTI futures were up 7 cents, or 0.1, at 77.64. Both benchmarks fell more than 1 on Wednesday.

Minutes released on Wednesday from the Federal Reserve39;s most recent policy meeting showed the U.S. central bank discussed the potential to raise interest rates in the face of continued stubborn inflation.

Various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate, the Fed minutes said.

Higher interest rates boost borrowing costs, crunching funds that could boost economic growth and oil demand in the world39;s largest oil consuming nation.

Also weighing on the market, U.S. crude stocks rose by 1.8 million barrels last week, according to the Energy Information Administration, compared with an estimated draw of 2.5 million barrels.

Globally, physical crude markets have been pressured by soft refinery demand and ample supply.

Recent market softness has come on the back of weaker data, including…