Oil prices rose today for a third straight day in a broader “risk-on” trading day. Comments from the Fed seemed less hawkish than expected which helped settled some nerves in the market. Investors hope less aggressive rate hikes will help the US economy doge a sharp recession. “A looming oil demand surge together with lackluster global supply growth will ensure that the oil balance tightens over the coming months,” said Stephen Brennock of oil broker PVM. Oil production in the US rose to highest level since April 2020, limiting gains as investment in production starts to increase. WTI traded up $1.33 or 1.7% to close at $78.47. Brent traded up $1.40 or 1.7% to close at $85.09.