Oil hit its highest since the Omicron outbreak, world stocks rose to one-week peaks and the dollar plumbed six-week lows on Wednesday after U.S. Federal Reserve Chair Jerome Powell sounded less bullish on rates than expected in testimony to Congress.
Powell told a congressional hearing on his confirmation for a second term at the helm of the central bank that the economy could weather the COVID-19 surge and was ready for tighter monetary policy, but said it may take several months to make a decision on running down the Fed's $9 trillion balance sheet.Brent crude futures touched $84 a barrel for the first time in two months and U.S. crude futures crept up 0.
1% to $81.35 a barrel on expectations fuel demand will continue to strengthen as the Fed is seen raising interest rates more slowly than expected.Brent and U.S. crude oil futures are trading at their highest since the highly contagious Omicron COVID-19 variant emerged in late November, as it has not impacted fuel demand the way previous variants did."The market isn't moving on Omicron but on earnings, Fed and economic data.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WTI Crude Oil Forecast: Crude Oil Continues Slight PullbackThe West Texas Intermediate Crude Oil market has pulled back slightly on Monday, as we continue to see a lot of hesitation just above at the $80 level.
Read more »
What the Label Won't Tell You: How to Buy a Good Bottle of Olive OilThe olive oil industry is famously rife with fraud. We sent a reporter to California to learn what makes for good oil, bad oil, and everything in between.
Read more »
U.S. Moves to Restrict Oil Leasing in AlaskaThe Interior Department said Monday that it plans to block oil and gas leasing on about 11 million acres on Alaska’s North Slope, or roughly half of a 23-million acre reserve set aside for energy development decades ago.
Read more »
Oil prices rise on renewed risk appetite, tight OPEC supplyOil prices climbed on Tuesday, with investors regaining some risk appetite as they await clues from the U.S. Federal Reserve chairman on potential interest rate rises and as some oil producers continued to struggle to beef up output.
Read more »
USD/CAD fades bounce off monthly low near 1.2650 on firmer oil prices, tepid sentimentUSD/CAD fades bounce off monthly low near 1.2650 on firmer oil prices, tepid sentiment By anilpanchal7 USDCAD RiskAppetite Oil Inflation Coronavirus
Read more »
Oil resumes climb on renewed risk appetite, tight OPEC supplyOil prices rose on Tuesday after two days of losses, with some risk appetite returning as the market awaited clues from the U.S. Federal Reserve chairman on potential rate rises and as some oil producers continued to struggle to beef up output.
Read more »