Oil prices slightly increased in weak Asian trading, ending six days of losses fueled by growing concerns that central banks raising interest rates further could pressure economic growth and bolster fuel demand. Brent crude futures rose by two cents to $80.62. West Texas Intermediate crude increased by nine cents or 0.1% to $74.04.
A statement from the latest Federal Reserve (U.S. central bank) meeting revealed that the majority of bank officials agreed that the risks of high inflation remain a significant factor in shaping monetary policy, which justifies the continued interest rate hikes until it is controlled.
