LONDON—Oil prices were stable on Wednesday as the market juggled fears of tight supply with concerns over fuel demand and global economic growth, ahead of an expected big hike in interest rates by the U.S. Federal Reserve.
Brent crude futures for August were down 28 cents, or 0.2 percent, at $120.89 a barrel as of 1225 GMT, having fallen as low as $119.40/bbl earlier in the session.
U.S. West Texas Intermediate crude for July fell 42 cents, or 0.3 percent, to $118.51 a barrel, having fallen to $116.99/bbl earlier in the session.
“Oil markets are seeing uncertainty over what central banks do next and how that impacts oil demand,” said UBS analyst Giovanni Staunovo….