Oil is stable as the market awaits US interest expectations

Oil prices rose slightly in Asian trading on Wednesday morning, as investors await the results of the Federal Reserve meeting for the month of June, key economic data from China and government data on US crude stocks.

By 0340 GMT, Brent crude futures rose nine cents, or 0.1 percent, to $ 74.38 a barrel. US West Texas Intermediate crude rose 1 cent to $69.43 a barrel.

Market participants expect the Federal Open Market Committee of the US Central Bank to temporarily stop raising interest rates amid uncertainty about the economic outlook and the continuing effects of raising interest rates ten times since March 2022.

A rate hike supports the dollar, making commodities denominated in it more expensive for holders of other currencies, and affects oil prices. Halting the increases would stimulate economic growth and demand for oil, which would support prices.