scorecardresearchOil Edges Higher as Traders Weigh Rate Hike, Rising US Output

Oil Edges Higher as Traders Weigh Rate Hike, Rising US Output

Updated: 16 Jun 2022, 08:13 AM IST
TL;DR.
Oil rose after falling almost 5% over the prior two sessions as investors weighed the outlook for supply and demand following a big interest-rate hike from the Federal Reserve and rising US crude output.
The oil tanker Eternal Sunshine travels through the drawbridge opening of the Casco Bay Bridge, Friday morning, June 10, 2022, in Portland, Maine. Crude oil that arrives by sea is pumped from Maine to Quebec, Canada, via the 236-mile Portland-Montreal Pipe Line. (AP Photo/Robert F. Bukaty)

The oil tanker Eternal Sunshine travels through the drawbridge opening of the Casco Bay Bridge, Friday morning, June 10, 2022, in Portland, Maine. Crude oil that arrives by sea is pumped from Maine to Quebec, Canada, via the 236-mile Portland-Montreal Pipe Line. (AP Photo/Robert F. Bukaty)