Oil on Pace for February Decline After Fears of Higher Fed Rates

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Oil prices bounced back on Tuesday from Monday’s declines. They are still on course to finish the month lower than they started.

Brent crude, the international standard, rose 0.5% to $82.87 a barrel. West Texas Intermediate, the U.S. benchmark, climbed 0.6% to $76.20. Brent remains down about 2% from a month ago, while WTI is down more than 3%.

Traders are weighting up prospects for energy supply and demand after a string of economic data that suggest resilient economic growth and sticky inflation. While a strong economy will keep crude prices higher, the Federal Reserve is still raising interest rates to keep inflation under control, which puts downward pressure on prices.