Washington: Oil prices remained stable in the global market, data showed the possibility of further increase in interest rates, which could reduce economic growth.
Brent crude futures for April delivery on the international market were up 2 cents at $83.07 a barrel by 0242 GMT after falling 1.2 percent on Tuesday, according to foreign media reports.
West Texas Intermediate crude futures for April settled down a cent at $76.35 a barrel, and the March WTI contract ended down 18 cents on Tuesday.
According to the report, the US Fed will release the minutes of its latest meeting on Wednesday, which will give traders an indication of what top officials are projecting on interest rates.
Other economic reports from the US, the world’s biggest oil consumer, showed some troubling signs, with current sales falling to the lowest level since October 2010.
ANZ Bank senior official Daniel Hynes said that oil prices have come under pressure as weak economic data has raised concerns about demand in advanced economies and further price increases could lead to oil demand. can reduce
He said higher interest rates tend to increase the value of the dollar, making dollar-denominated oil more expensive relative to other currencies.