Oil prices tick up on supply woes but Fed rate hike bets cap gains

Shafaq News / Oil prices ticked up on Wednesday on supply concerns, but expectations of another aggressive U.S. interest rate hike capped gains amid investor concerns it could lead to a recession and hurt fuel demand.

Brent crude futures rose 11 cents, or 0.1%, to $90.73 a barrel by 0415 GMT after falling $1.38 the previous day.

U.S. West Texas Intermediate crude was at $83.99 a barrel, up 5 cents, or 0.1%. The October delivery contract expired down $1.28 on Tuesday while the more active November contract lost $1.42.

The United States said that it did not expect a breakthrough on reviving the 2015 Iran nuclear deal at this week's U.N. General Assembly, reducing the prospects of a return of Iranian barrels to the international market.

The Fed is widely expected to hike rates by 75 basis points for the third time in a row later on Wednesday in its drive to rein in inflation.

Other central banks, including the Bank of England, meet this week as well.

(Reuters)