Oil Prices Steady as Market Weighs Tighter Supplies, Potential Rate Hike - News18
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Last Updated: July 07, 2023, 01:53 IST New York, United States of America (USA) OPEC ministers and executives from oil companies told a two-day conference in Vienna that governments needed to turn their attention from supply to demand. (Photo: Reuters) Brent crude futures settled 13 cents lower at $76.52 a barrel, after a 0.5% gain the previous day Oil prices were near flat on Thursday as the market weighed tighter U.S. crude supplies with the higher likelihood of a U.S. interest rate hike that could dent energy demand. Brent crude futures settled 13 cents lower at $76.52 a barrel, after a 0.5% gain the previous day. U.S. West Texas Intermediate crude gained 1 cent to $71.80 a barrel, after rising 2.9% in post-holiday trade on Wednesday to catch up with Brent’s gains earlier in the week. The market has been expecting interest rates in the U.S. and Europe to rise further to tame stubborn inflation. Fears of a global recession mounted after recent surveys showing slower fac