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Brent Crude Oil trade steady Around $92 Per Barrel

Brent Crude Oil : futures steadied around $92 per barrel in subdued trade on Tuesday, as investors moved to the sidelines ahead of an expected interest rate hike from central banks across the globe this week.

The US Federal Reserve and other central banks from Europe to Asia are expected to tighten further as they aim to curb elevated inflationary pressures, stemming overall demand and clouding the outlook for global growth.

On the supply side, the US said it would release an additional 10 million barrels of crude oil for trade from its strategic reserves as a looming European Union ban on Russian oil is set to take effect in December.

Meanwhile, easing Covid-19 restrictions in top importer China provided some optimism to the markets. OPEC+ also fell short of its oil production target by 3.583 million barrels per day in August after missing its target by 2.892 million bpd in July, in a sign that major producers are struggling to increase output and meet demand.

While WTI crude futures steadied around $85.5 per barrel in subdued trade on Tuesday, as investors moved to the sidelines ahead of an expected interest rate hike from central banks across the globe this week.

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