Oil prices steadied on Wednesday following dramatic fluctuations earlier in the week as investors assessed worries about the US economy and possible supply interruptions from the ongoing Red Sea conflict.

Brent crude dipped 0.01% to $75.88 per barrel while US WTI added 0.06%, to $70.42 per barrel.

Due to Houthi rebel strikes on ships in the Red Sea during the weekend and the rumoured arrival of an Iranian warship on Monday, oil prices had already increased by about $2 earlier in the week. A more extensive war may shut important waterways used for the transit of oil and interfere with trade.

The prior session saw a decline in the market, nevertheless, as expectations of swift and drastic interest rate reduction by the US government faded ahead of the release of the Fed minutes and employment figures.

Preparations for a meeting of OPEC+'s (JMMC) in early February have held prices in check because of projections of plentiful supply in the first half of 2024. Nobody has determined a certain date yet.