NEW YORK: Oil prices edged higher on Wednesday, rebounding from early losses after U.S. inventory data showed strong consumer demand and as the Federal Reserve said it would end its pandemic-era bond purchases in March to slow rising inflation.
Prices had been pressured most of the day due to ongoing concerns that supply growth will outpace demand next year and worries that COVID-19 vaccines may be less effective against the spreading Omicron variant.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!