Oil little changed, worries over rate hikes persist

Oil prices were little changed on Friday as traders remained cautious about frequent and steeper rate hikes by the US Federal Reserve, concerns that have triggered a rout in energy prices over the last three days.

Brent futures, which fell about 5 per cent over the last three days, were up marginally from near-three week lows at $81.72 a barrel at 0113 GMT. US West Texas Intermediate (WTI) crude rose 2 cents, or 0.03 per cent, to $75.74, having slumped by nearly 6 per cent in the last three trading sessions.

US Federal Reserve Chair Jerome Powell has warned of higher and potentially faster rate hikes, saying the Fed was wrong in initially thinking inflation was “transitory” and was surprised by the strength of the labour market.