Oil extended its winning streak to the longest in almost a decade as the Federal Reserve’s wait-and-see approach on interest rate hikes added to a rosier outlook.
Futures rose 0.4 percent in New York, continuing a recovery from a drop of about 40 percent at the end of 2018. Prices have rebounded amid signals that production curbs by the OPEC+ coalition would balance the market. Fed Chairman Jerome Powell’s comments that the central bank will be patient before adjusting rates again also reassured investors, said Daniel Ghali, a TD Securities commodities strategist. [read more]