Oil steadied on Thursday as a potential pause in U.S. interest rate hikes and the passing of a crucial vote on the U.S. debt ceiling bill were offset by a report of rising inventories in the world’s biggest oil consumer.
U.S. Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the U.S. House of Representatives passed a bill suspending the government’s debt ceiling, improving the chance of averting a disastrous default.
Brent crude futures rose 2 cents to $72.62 a barrel by 0947 GMT while U.S. West Texas Intermediate crude (WTI) slipped 28 cents, or 0.4%, to $67.81. Both benchmarks fell on Tuesday and Wednesday.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.