Oil steadies after falling on rate hike worries, Russian crude flows
March Brent crude futures fell 5 cents to $84.85 per barrel by 0415 GMT, while the more heavily traded April contracts fell by 32 cents or 0.38% to $84.18 a barrel."Oil markets are facing downside pressure as risk-off trades prevail ahead of the Fed meeting, along with a strengthened USD," said CMC Markets analyst Tina Teng.
The demand outlook is still uncertain as Russia's exports seem unaffected by sanctions, despite China's reopening, she added.will raise interest rates by 25 basis points on Wednesday, with a half-point increase by the Bank of England and European Central Bank the following day. Higher rates could slow the global economy and weaken oil demand.
The market also turned its attention to a planned virtual meeting on Feb. 1 at 1100 GMT of the ministers of the Organization of the Petroleum Exporting Countries and others including Russia, a group known as OPEC+. The panel is expected to recommend keeping the oil producer group's current output policy unchanged when it meets this week, five OPEC+ delegates
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