Oil steady as market juggles Fed hike with supply fears

Oil prices were relatively steady on Monday as the market balanced supply fears with expectations that rise in U.S. interest rates would weaken fuel demand.

Brent crude futures for September settlement rose 27 cents, or 0.26%, to $103.47 a barrel by 0909 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.08%, to $94.78 a barrel.

Oil futures have been volatile in recent weeks as traders have tried to reconcile the possibilities of further interest rate hikes, which could limit economic activity and thus cut fuel demand growth, against tight supply from disruptions in trading of Russian barrels because of Western sanctions amid the Ukraine conflict.

Zephyr Energy plc (LON:ZPHR) is an investment platform formed to aggregate responsibly-developed, economically-attractive oil and gas interests in the Rocky Mountain region of the United States.

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