Oil resumes rally as equities gain and U.S. inventories decline
BNN Bloomberg
Oil advanced, tracking gains in wider equity markets, after U.S. crude inventories declined and the Federal Reserve indicated that any more rate hikes would be data-dependent.
West Texas Intermediate traded above US$79 a barrel, rising for the fifth time in six sessions. There's growing speculation the Fed is nearing the end of its monetary tightening cycle, after it raised interest rates on Wednesday for the 11th time since March 2022.
The dollar also weakened, with a Bloomberg gauge of the greenback on its third day of declines, making commodities cheaper for most international buyers.
Oil has broadly rallied since late June, aided by supply cuts from the Organization of Petroleum Exporting Countries and its allies, and signs that Russian seaborne crude exports are falling.
