Oil stable as tight supply counters falling U.S. markets | Reuters

Oil stable as tight supply counters falling U.S. markets | Reuters

Oil prices were little changed on Tuesday as bullish signals from a tight supply picture were countered by falling Wall Street equities and possible increase to U.S. interest rates, which could weigh on oil.

Brent crude futures were up 30 cents, or 0.4%, at $86.57 a barrel by 1425 GMT. U.S. West Texas Intermediate (WTI) crude futures were virtually flat with a gain of 3 cents to $83.34.

Global equities, which often move in tandem with oil, are set for their biggest monthly drop since the COVID-19 pandemic hit markets in March 2020. U.S. oil futures erased earlier gains as Wall Street opened, with equities falling.

However, both WTI and Brent hit seven-year highs last week and remain on track for monthly gains of more than 10%.