Oil Prices Up but Expected Fed Rate Hike Paints Bearish Picture

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Okla., on April 21, 2020. Drone Base/Reuters

LONDON—Oil prices ticked up on Tuesday as OPEC and its allies keep producing less than their quotas, but were headed for a fourth monthly decline ahead of an expected further U.S. interest rate hike which may curb economic growth and fuel demand.

Brent crude futures for November settlement were up 41 cents, or 0.5 percent, to $92.41 a barrel at 0939 GMT.