Oil Steady as Market Juggles Fed Hike With Supply Fears

Active pumpjacks from oil wells are pictured at the Inglewood Oil Field, the largest urban oil field in the United States, from the Baldwin Hills Scenic, Overlook in Culver City, Calif., on March 10, 2022. Bing Guan/Reuters

LONDON—Oil prices were relatively steady on Monday as the market balanced supply fears with expectations that rise in U.S. interest rates would weaken fuel demand.

Brent crude futures for September settlement rose 27 cents, or 0.26 percent, to $103.47 a barrel by 0909 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.08 percent, to $94.78 a barrel.