Sharjah24 - Reuters: After hitting five-week lows in the previous session, oil prices were little changed on Wednesday as investors priced in the likelihood of interest rate increases in the U.S. and Europe and awaited clarification on the direction of future policy.
Brent futures gained 3 cents, or 0.1%, to $75.35 a barrel by 0333 GMT, while West Texas Intermediate crude (WTI) edged down 3 cent at $71.63.
Both benchmarks closed at their lowest since March 24 in the previous session, when they also recorded their biggest one-day percentage declines since early January.
"Sentiment in the oil market remains negative," Warren Patterson and Ewa Manthey, analysts from ING, said in a note to clients. "Investors seem to be getting increasingly nervous about the macro outlook and its implications for oil demand."
The U.S. Federal Reserve is expected to hike interest rates by an additional 25 basis points on Wednesday to combat inflation, while the European Central Bank is also expected to raise rates at its regular policy meeting on Thursday.
More hikes could slow economic growth and hit energy demand.
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