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Crude Edges Higher After Powell Testimony

OIL

Front month crude is extending earlier gains to rise to an intra-day high of $82.90/bbl amid a dip in the US dollar after Fed Chair Powell said the Federal Reserve is likely to begin cutting interest rates "at some point this year" but not until it becomes more confident that inflation will keep falling.

    • Brent MAY 24 up 1% at 82.82$/bbl
    • WTI APR 24 up 1.3% at 79.15$/bbl
  • Earlier gains were driven by tighter supplies after the extension of OPEC+ supply cuts, ongoing Red Sea vessel attacks and renewed attacks on Russia’s energy infrastructure.

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