(Bloomberg) — Oil edged higher as signs of another inventory draw in the US eclipsed uncertainty on the timeline for interest-rate cuts from the Federal Reserve after testimony from Chair Jerome Powell.
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West Texas Intermediate rose toward $82 a barrel after a 1.1% drop on Tuesday, with Brent closing below $85. The American Petroleum Institute said US crude stockpiles shrank by 1.92 million barrels last week, with a drawdown also logged at the key Cushing, Oklahoma, hub, according to people familiar with the data. Total holdings sank more than 12 million barrels the prior week.
Oil remains comfortably higher for the year to date, with gains supported by OPEC+ supply cuts, as well as expectations for looser US monetary policy. Powell said on Tuesday that while he was watching for signs of labor market weakness, policymakers still wanted to see more evidence that inflation was slowing before reducing borrowing costs.
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