Oil rises as inflation slowdown sends Wall Street soaring
BNN Bloomberg
Oil rose in a volatile session as broader market rally overtook earlier concerns over China’s COVID Zero policy weighing on their demand outlook.
West Texas Intermediate settled above US$86 a barrel after a choppy session in which futures traded in a US$3 range. Dour sentiment over China’s commitment to its COVID Zero policy vied with optimism that slower-than-expected inflation means the Federal Reserve may be able to temper aggressive rate hikes.
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