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Oil edges up as market awaits key US inflation data

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Oil prices edged up on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve's policy on future interest rate hikes.

Philadelphia Federal Reserve Bank President Patrick Harker said on Tuesday that he feels the U.S. central bank may soon be done raising interest rates, while Minneapolis Federal Reserve Bank President Neel Kashkari said he believes inflation, now at a rate of 5% by the Fed's preferred measure, will get to "the mid-threes" by the end of this year.

Meanwhile, data from the American Petroleum Institute showed crude inventories rose by about 380,000 barrels in the week ended April 7, sources said, against forecasts from eight analysts polled by Reuters for a decline of 600,000 barrels.

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Why March’s CPI report could upset the stock market, seal the deal on the next rate hikeInvestors in the U.S. stock market will be closely watching Wednesday’s inflation report to help gauge the Federal Reserve’s next interest-rate move. What's traditionally the slowest quarter in spending? Oh yeh, the March quarter! Central Banks globally are using this quarters figures to by time but trust me when I say, inflation may not go up in a straight line but it's definitely going up... a LONG way up!
Source: MarketWatch - 🏆 3. / 97 Read more »