Oil Mixed, Near Pre-omicron Highs as Economic Recovery Hopes Grow By Investing.com

Oil Mixed, Near Pre-omicron Highs as Economic Recovery Hopes Grow By Investing.com
Oil Mixed, Near Pre-omicron Highs as Economic Recovery Hopes Grow By Investing.com © Reuters.

By Gina Lee

Investing.com – Oil was mixed on Wednesday morning in Asia but traded near late November 2021 levels. U.S. Federal Reserve Chairman signaled that the cental bank could hike rates slower than expected, a move likely to boost short-term fuel demand.

edged down 0.18% to $83.57 by 11:10 PM ET (4:10 AM GMT) and inched up 0.01% to $81.23. Both Brent and WTI futures were near their highest levels since the omicron COVID-19 variant was discovered in late November 2021, with omicron having a smaller impact on fuel demand compared to previous variants.

Powell said on Tuesday that he expects the economy will withstand the current surge in COVID-19 cases with only “short-lived” impacts, adding that “it is a long road” to anything close to restrictive monetary policy.

“A long road…

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