(Bloomberg) -- Oil edged higher as signs of another inventory draw in the US eclipsed uncertainty on the timeline for Federal Reserve interest-rate cuts after testimony from Chair Jerome Powell.Most Read from BloombergSaudis Warned G-7 Over Russia Seizures With Debt Sale ThreatHurricane Beryl Makes a Mockery of Texas Climate DeniersMicrosoft Orders China Staff to Use iPhones for Work and Drop AndroidS&P 500 Holds Gains as Fed Bets Steady on Powell: Markets WrapHere Are the World’s 10 Best Airpor
Oil prices rebounded on Wednesday following three days of declines after an industry report showed U.S. crude and fuel stockpiles fell last week, indicating steady demand, and the outlook for interest rate cuts improved. Brent futures rose 21 cents to $84.87 a barrel by 0055 GMT, after falling 1.3% in the previous session. WTI has dropped 3% in the previous three sessions amid concerns about flagging global oil demand and as signs appeared that the Texas energy industry came off relatively unscathed from Hurricane Beryl after it hit the region on Monday.
(Bloomberg) -- Stocks closed at all-time highs, with Jerome Powell’s remarks to Congress doing little to alter bets the Federal Reserve will be able to cut interest rates this year.Most Read from BloombergSaudis Warned G-7 Over Russia Seizures With Debt Sale ThreatHurricane Beryl Makes a Mockery of Texas Climate DeniersMicrosoft Orders China Staff to Use iPhones for Work and Drop AndroidS&P 500 Holds Gains as Fed Bets Steady on Powell: Markets WrapHere Are the World’s 10 Best Airports for 2024Fi