Oil steady as possible US rate hikes stoke demand worry

HOUSTON: Oil prices held steady on Monday (Aug 28), pressured by worries further US interest rate increases could dent demand but supported by the pot...

The oil market’s focus is on China actions to support its economy, Tropical Storm Idalia heading for Florida and whether Brent can regain momentum on a break above US$85, says a commodity strategist. – AFPpicOil prices held steady on Monday , pressured by worries further US interest rate increases could dent demand but supported by the potential of a supply disruption from a tropical storm off the US Gulf Coast.

“There are concerns still about demand going to lighten especially if we see another click higher in interest rates, the market is very nervous,” said Dennis Kissler, senior vice president of trading at BOK Financial. The oil market’s focus is on “China actions to support its economy, Tropical Storm Idalia heading for Florida and whether Brent can regain momentum on a break above US$85,” said Ole Hansen, head of commodity strategy at Saxo Bank.

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