: Oil futures end higher as traders weigh demand, supplies and Fed decision

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Oil futures finished higher on Wednesday, finding support after the International Energy Agency raised its 2022 and 2023 forecasts for oil demand growth. Data from the Energy Information Administration revealed a 10.2 million-barrel weekly rise in U.S. crude inventories. However, analysts said a decline in U.S. Gulf Coast exports due to a temporary disruption at the Houston Ship Channel contributed to the supply increase. Oil prices modestly pared their gains after the Federal Reserve raised its benchmark interest rate by 0.5 percentage point and also penciled in 5.25% as the top end for its benchmark rate. The fear is…

This article was originally published by Marketwatch.com. Read the original article here.

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