Tortoise Portfolio Manager Brian Kessens in Bloomberg

Oil Falls as Inventory Drop Fails to Lift Gloom From Hawkish Fed

Oil dropped to session lows as the first decline in US crude inventories this year failed to dispel the gloom that the Federal Reserve’s persistent hawkish tone has cast over the market.

The US inventory data briefly lifted futures off their session lows, but the attempt at a rally dissipated amid the dreary economic outlook. West Texas Intermediate declined more than a dollar to trade near $76 on Wednesday, building on the biggest drop since early January in the prior session.

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