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Oil Prices Steady After Rising for Five Sessions

US West Texas Intermediate Crude Down 1 Cent

Houston, June 11 (Reuters)

Oil prices settled slightly higher on Tuesday as the U.S. Federal Reserve raised interest rates by 75 basis points, the biggest hike since 1994. However, crude oil futures fell on Tuesday as traders grew less nervous about the potential for a nuclear deal between the United States and Iran.

US West Texas Intermediate (WTI) crude fell 1 cent, or 0.01%, to $80.05 a barrel. Brent crude futures, the global benchmark, settled at $84.56 a barrel, down 21 cents, or 0.25%.

Oil prices have been volatile in recent weeks due to concerns about a possible global recession, as well as the ongoing conflict in Ukraine. However, analysts say that the market is still expected to remain tight in the coming months, as demand continues to recover from the pandemic.