Oil prices were flat today as the market balanced tighter supplies with higher likelihood of a US interest rate hike. Minutes released on Wednesday showed that a united U.S. central bank agreed to hold rates steady at its June meeting to buy time and assess the need for further hikes, though most attendees expected they would eventually need to tighten further. “We know the Federal Reserve wants to see the labor market cool off,” said Phil Flynn, an analyst at Price Futures group. “The market is concerned that the Fed has to take the punch bowl away.” Top oil exporters Saudi Arabia and Russia announced a fresh round of output cuts for August. The total cuts now stand at more than five million bpd, equating to 5% of global oil output. WTI traded up $.01 to close at $71.80. Brent traded $.13 or to close at $76.52.