In a sign of market tightness, U.S. crude futures have flipped into backwardation, with the front month contract trading 6 cents higher than the second month.
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. Philadelphia Federal Reserve Bank President Patrick Harker said 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.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gas prices climb in Houston as market tightensTrend is fueled by surging oil prices thanks largely to OPEC's production cuts,... If you bought an EV..
Source: HoustonChron - 🏆 609. / 51 Read more »