Following the threat of further interest rate hikes and continued Russian crude flows, oil prices remained firm in early Asian trade on Tuesday after falling by more than 2% in the previous session.
Meanwhile, it is widely expected that the U.S. Federal Reserve will hike interest rates by 25 basis points on Wednesday, while a half-point increase by the Bank of England and European Central Bank on Thursday.
A higher rates could slow the global economy hence, weaken oil demand.
The market also turned its attention to a planned virtual meeting on Wednesday of the ministers of the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia, a group known as OPEC+.
According to Reuters report, the panel is expected to recommend keeping the oil producer group’s current output policy unchanged when it meets this week.
In last October, OPEC+ agreed to cut its production target by 2 million barrels per day (bpd), about 2% of world demand for the period of last November until the end of 2023.
Russia continues to supply the global market with its oil despite a European Union ban and G7 price cap imposed over its invasion of Ukraine, which pressured prices.
Brent crude futures gained 28 cents to US$85.18 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 9 cents to US$77.99.
