"Rate Hikes and Tight Supply Keep Oil Prices Stable"

Oil prices rose as tightening supply and hopes for Chinese stimulus supported Brent above $80 a barrel, despite expectations of more rate hikes from U.S. and European central banks. Brent crude futures were up 0.6% at $81.52 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 0.6% to $77.55 a barrel. The market anticipates supply tightening due to OPEC+ cuts and escalating tensions in Ukraine. Citi Research expects oil prices to rise further, while National Australian Bank predicts increasing market speculation of further stimulus in China to push prices higher.