2 min read.Updated: 15 Jun 2022, 10:13 AM ISTLivemint
Oil prices have spiked after Russia invaded Ukraine and currently Brent crude futures are above $120 a barrel
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In volatile trading, oil prices were steady today ahead the US Federal Reserve policy announcement. Brent crude futures for August were up 15 cents, or 0.1%, at $121.32 a barrel while U.S. West Texas Intermediate crude for July rose 15 cents, or 0.1%, to $119.08 a barrel. Analysts say that if Fed hikes rates by 75 bps, oil prices could remain under pressure in the near term as a hawkish Fed may push investors flow into safe-haven dollar and hit risk-sensitive assets like oil.