"It would appear traders had become a little more defensive on the expectation of a hawkish shift but Powell refrained from taking the leap," said Craig Erlam, senior market analyst at brokerage OANDA.
Brent crude rose 99 cents, or 1.2%, to $84.68 a barrel by 0912 GMT. U.S. West Texas Intermediate crude climbed 93 cents, or 1.2%, to $78.07. With less aggressive U.S. rate hikes, the market is hoping the world's biggest economy can dodge a sharp economic slowdown or even a recession that would hit oil demand, while China's reopening after ending COVID curbs also bolsters fuel use.
"A looming oil demand surge together with lacklustre global supply growth will ensure that the oil balance tightens over the coming months," said Stephen Brennock of oil broker PVM.
They know you have money.... They adjust.... 👈👈This is what Biden means when he says 'the Economy's strong'👈👈they speak of businesses and taxes.... Not the cost of living for everyday ppl
« Rate hike concerns ease »? Really ? What type of reporters are you ? With latest datas it is now expected a higher terminal rate at 5,5% for the FED and minimum 4% for the ECB 😂 Still not enough to stop markets from reaching ATH 🤪