Oil prices were steady on Wednesday as investors await the U.S. Federal Reserve's comments after recent data pointed to the possibility of more interest rates hikes, which may lower economic growth and limit global fuel demand.Brent crude futures for April delivery were up 2 cents to $83.07 a barrel by 02
Oil prices were steady on Wednesday as investors await the U.S. Federal Reserve's comments after recent data pointed to the possibility of more interest rates hikes, which may lower economic growth and limit global fuel demand.
The U.S. Fed will release the minutes of its latest meeting on Wednesday, which will give traders a glimpse of how high officials are projecting interest rates will go after recent data showed stronger-than-expected U.S. employment and consumer prices. "Oil prices came under pressure ... as weak economic data raised concerns about demand in advanced economies," said Daniel Hynes, senior commodity strategist at ANZ Bank, in a note."Further rate hikes could dampen oil demand."
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