Oil steadies after falling on rate hike worries, Russian crude flows

(Reuters) – Oil prices steadied in early Asian trade on Tuesday after falling by more than 2% in the previous session on the threat of further interest rate hikes and continued Russian crude flows.

Brent crude futures gained 28 cents to $85.18 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 9 cents to $77.99.

Investors expect the U.S. Federal Reserve will hike interest rates by 25 basis points on Wednesday, with a half-point increase by the Bank of England and European Central Bank the following day. Higher rates could slow the global economy and weaken oil demand.