Market News : As investors analyzed the most recent Federal Reserve commentary and conflicting reports on US crude stockpiles, WTI crude oil prices held steady at around $78.5 per barrel on Thursday after rising in the previous three sessions.
On Wednesday, a number of Fed officials reaffirmed their commitment to battling inflation with additional rate increases, igniting long-standing concerns among investors about a potential slowdown in demand. In addition,
According to EIA data released on Wednesday, US crude inventories rose last week, in contrast to an API report released on Tuesday that revealed an unexpected drop.
While investors evaluated the effects of a European ban on seaborne imports and price caps for Russian oil products that have jolted energy markets, the US oil benchmark gained about 7% over the past three sessions.
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