Oil erased earlier losses to close higher, but remained within a tight range as traders weighed shrinking U.S. stockpiles and the outlook for inflation in the world’s largest economy.
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Oil price news: Oil rises after dropping to 7-week low on U.S. inventory gainOil erased some of its losses after plunging Wednesday on a big jump in U.S. crude inventories that bolstered supplies.
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Oil price news: Oil trades in narrow range as IEA trims 2024 growth forecastOil continued to trade in a narrow range on Wednesday as the International Energy Agency cut its 2024 forecast for demand growth by 140,000 barrels-a-day.
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