Brent crude oil futures rose 0.37% to $90.16 per barrel. American West Texas Intermediate (WTI) crude oil rose by 0.35% to $83.23.
Both contracts fell to near two-week lows on Wednesday after the U.S. Federal Reserve raised interest rates by 75 basis points for a third time to curb inflation and signaled that borrowing costs would continue to rise this year.
According to analysts at Haitong Futures, the market had priced in expectations of a rate hike, and the Fed’s announcement did not cause much surprise.
A strong dollar is also holding back oil prices as it makes it more expensive for many buyers. The dollar index hit a 20-year high against a basket of currencies on Wednesday.
Oil prices remain under pressure from sellers due to inventory build-ups and a worsening economic outlook, analysts at Citi said.
Germany nationalized gas importer Uniper on Wednesday and Britain said it would halve electricity bills for businesses in response to a supply crisis it has revealed. Europe’s dependence on Russian fuel
Russian President Vladimir Putin on September 21 ordered Russia’s first mobilization since World War II and backed a plan to annex Ukrainian territory, warning the West that he was not bluffing when he said he was ready to use nuclear weapons.