Oil steadies ahead of expected interest rate hikes

Oil was little changed on Wednesday after hitting five-week lows in the previous session, as investors priced in expectations for interest rate hikes in the U.S. and Europe and waited for clarity on future policy path, News.Az reports citing Reuters. 

Brent futures gained 3 cents, or 0.1%, to $75.35 a barrel by 0333 GMT, while West Texas Intermediate crude (WTI) edged down 3 cent at $71.63.

Both benchmarks closed at their lowest since March 24 in the previous session, when they also recorded their biggest one-day percentage declines since early January.

The U.S. Federal Reserve is expected to hike interest rates by an additional 25 basis points on Wednesday to combat inflation, while the European Central Bank is also expected to raise rates at its regular policy meeting on Thursday.


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