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Oil steadies as market awaits US Federal Reserve rate outlook

Oil steadies as market awaits US Federal Reserve rate outlook
# 14 June 2023 09:36 (UTC +04:00)

Oil prices inched up slightly in Asian morning trade on Wednesday as investors awaited the outcome of the U.S. Federal Reserve's June meeting, key economic data from China and government data on U.S. crude stockpiles, APA reports citing Reuters. 

Brent crude futures were up 9 cents, or 0.1%, at $74.38 a barrel by 0340 GMT. U.S. West Texas Intermediate (WTI) crude was at $69.43 a barrel, up 1 cent.

Both benchmarks climbed more than 3% on Tuesday on hopes of rising fuel demand after China's central bank lowered a short-term lending rate.

 

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