Oil prices settled in early Asian trade after falling by more than 2 per cent in the previous session due to the threat of further interest rate hikes and continued Russian crude flows.
The price of crude oil was up 28 cents, to $85.18 per barrel by 0155 GMT, while the U.S. West Texas Intermediate WTI crude futures rose 9 cents to $77.99.
The Bank of England and the European Central Bank expect the U.S. Federal Reserve to hike interest rates by 25 basis points on Wednesday, with a half-point increase by the Bank of England and the European Central Bank the following day. Higher rates could slow the global economy and weaken oil demand.
The market turned its attention to a virtual meeting on February 1 at 1100 GMT of the Ministers of the Organization of the Petroleum Exporting Countries OPEC, Russia and others, a group known as OPEC The panel is expected to recommend keeping the current output policy unchanged when it meets this week, five OPEC delegates told Reuters on Monday.
The production target was cut by 2 million barrels per day bpd, about 2 per cent of world demand, from November to the end of 2023, according to the OPEC.
Russia supplies the global market with its oil despite a European Union ban and G 7 price cap imposed over its invasion of Ukraine, which pressured prices.
The U.S. dollar index has fallen by 1.3 per cent in January, while the U.S. dollar index has fallen by 1.3 per cent.