Oil prices ended the day higher today as the market shrugged off warnings from the Fed about economic pain ahead after initially trading lower. Oil prices had briefly fallen after Fed Chair Jerome Powell said tight monetary policy may be in store “for some time” to fight inflation, meaning slower growth, a weaker job market, and “some pain” for households and businesses. Meanwhile, the prospects of OPEC+ production cuts may be getting stronger. The UAE is the latest country to side with Saudi Arabia on their thinking with crude markets. “The impression remains that Saudi Arabia is not willing to tolerate any price slide below $90. Speculators could view this as an invitation to bet on further price rises without the need to fear any more pronounced price declines,” Commerzbank said in a note. WTI traded up $.54 or .59% to close at $93.06. Brent traded up $1.65 or 1.66% to close at $100.99.<\/p>\n\n\n\n
Oil prices ended the day higher today as the market shrugged off warnings from the Fed about economic pain ahead after initially trading lower<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-7212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n