SINGAPORE : Oil prices ticked higher on Monday, along with equity markets, after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand.
"Unfortunately, after last week's modest rate cut, the announcements above amount to another piecemeal measure that won't alter investor gloom towards China," he added. Brent and WTI posted a second week of loss on Friday after Fed Chair Jerome Powell said the U.S. central bank may need to raise rates further to cool still-too-high inflation.
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