Oil settles up for third day as interest rate concerns ease

Brent crude settled up US$1.40, or 1.7%, to US$85.09 a barrel while WTI crude settled up US$1.33, or 1.7%, to US$78.47. — Reuters

NEW YORK: Oil rose for a third straight day on Wednesday as investors felt more comfortable with risk a day after the Federal Reserve chair's remarks eased concerns about future interest rate hikes.

Comments from US Federal Reserve chair Jerome Powell on Tuesday were seen as less hawkish than feared, boosting risk appetite and weighing on the dollar. A weaker US currency makes dollar-denominated oil cheaper for buyers holding other currencies.