Oil prices steady after Tuesday’s rout

London — Oil prices steadied after earlier losses on Wednesday, driven by fears that more aggressive US interest rate hikes would hit demand, while the market awaited further clarity on inventories.

Both benchmarks plunged more than 3% on Tuesday after comments by Federal Reserve Chair Jerome Powell that the central bank was likely to raise interest rates more than expected in response to recent strong data. A stronger dollar also capped oil prices. Powell’s comments had propelled the dollar, which typically trades inversely with oil, to hit a three-month high against a basket of currencies.

“We expect the continued recovery in civil aviation demand in China and neighbouring countries, a stabilisation in industrial activity and slower non-Opec+ supply growth to drive the market into a deficit later this year,” the bank added.

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