KONTAN.CO.ID - LONDON. Oil rose for a third straight day on Wednesday as investor concern eased about U.S. interest rate hikes and an industry report pointed to a drop in U.S. crude inventories. Comments from U.S. Federal Reserve Chair Jerome Powell on Tuesday were seen as less hawkish than feared, boosting risk appetite and weighing on the dollar. A weaker dollar makes oil cheaper for other currency holders. "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.
Oil Rises for Third Day as Rate Hike Concerns Ease
KONTAN.CO.ID - LONDON. Oil rose for a third straight day on Wednesday as investor concern eased about U.S. interest rate hikes and an industry report pointed to a drop in U.S. crude inventories. Comments from U.S. Federal Reserve Chair Jerome Powell on Tuesday were seen as less hawkish than feared, boosting risk appetite and weighing on the dollar. A weaker dollar makes oil cheaper for other currency holders. "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.