Oil prices remained steady on Monday as Russia lifted its fuel ban, easing previous gains due to a tighter supply outlook and concern over interest rates.

Brent crude futures rose by 0.29% to $93.54 a barrel, while West Texas Intermediate crude rose by 24 cents to $90.27.

The Federal Reserve’s hawkish message that rates will stay higher for longer offset the market’s digesting of Russia’s temporary ban on diesel and gasoline exports.

Despite increased prices, the number of US oil rigs fell by eight to 507, the lowest since February 2022.

Analysts warned that oil prices face technical resistance above November 2022 highs.