Oil prices hold firm amid hopes for economic growth | Reuters

Oil prices hold firm amid hopes for economic growth | Reuters

Oil prices steadied on Wednesday, following steep gains in the previous session after the U.S. Federal Reserve chief signalled the central bank may raise rates more slowly than expected, which should help support oil demand.

Brent and U.S. crude oil are trading at their highest levels since the highly contagious COVID-19 Omicron emerged in late November, as it has not hit fuel demand the way previous variants did.

U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.3%, to $81.42 a barrel at 0555 GMT, adding to a 3.8% jump in the previous session.

Brent crude futures were up 6 cents, or 0.07%, at $83.78 a barrel, after jumping 3.5% in the previous session.