Tortoise Portfolio Manager Matt Sallee in Bloomberg News

Oil Rises on Bullish Supply Cues as Markets Mull Inflation Data

Oil rallied for the first time this week after a US crude report flagged potential bullish drivers, momentarily shrugging off hotter-than-expected inflation data.

West Texas Intermediate futures settled near $89 a barrel after draws from distillate stockpiles and US strategic oil reserves signalled the potential for market tightness on the horizone, despite a larger-than-forecast 9.9 million barrel build in crude inventories. US equities recovered and Treasury yields fell back from highs as traders mulled the Federal Reserve’s next moves following the inflation report that bolstered the likelihood of further interest rate hikes, potentially threatening the growth outlook.

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