Brent, WTI Prices Hold Firm

Brent, WTI Prices Hold Firm
Brent, WTI Prices Hold Firm

Oil prices steadied on Wednesday after rising in the previous session on expectations that fuel demand will continue to strengthen as the US Federal Reserve is likely to raise interest rates more slowly than expected.
Brent and US crude oil futures are trading at their highest since the highly contagious Omicron Covid-19 variant emerged in late November has not impacted fuel demand the way previous variants did.
WTI crude futures rose 16 cents, or 0.2%, to $81.38 a barrel, adding to a 3.8% jump in the previous session, Reuters reported.
Brent crude futures were up 2 cents at $83.74 a barrel, after jumping 3.5% in the previous session.
Federal Reserve Chairman Jerome Powell said on Tuesday the economy of the United States, the world's biggest oil consumer, should weather the current Covid-19 surge with only "short-lived" impacts and was ready for the start of tighter monetary policy.  
"While Powell reassured the Fed will bring down rising inflation, which strengthened the rate hike outlooks in March, he also said the Fed is capable of leaving strong economic growth intact. That may lift the demand of growth-sensitive crude oil," said Leona Liu, an analyst at Singapore-based DailyFX.

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