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…