Oil prices steady amid prospects of aggressive Fed interest rate hike

Oil prices were steady on Thursday as markets weighed the possibility of an aggressive and unforecast rate hike for a steeper rise in energy demand. After rising more than 1% in early trade, Brent crude futures settled down 14 cents, or 0.2%, at $91.41 a barrel. U.S. Texas Intermediate crude, which rose more than $2 earlier in the day, settled up 22 cents, or 0.3% to $89.88 a barrel.

After U.S. inflation data came in on Thursday at its hottest in 40 years, St. Louis Federal Reserve Bank President James Bullard said he wanted a full percentage point of interest rate hikes by July 1.

Interest rates futures showed a 60% chance of a 50-basis-point hike in March after Bullard’s comments, and U.S. stock markets fell.