Oil Edges Higher as Equities Rebound After Fed Doubles Taper
- U.S. crude inventories fell 4.58 million barrels last week
- Coronavirus cases in the U.K. have climbed to a record
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Oil eked out a gain, climbing in tandem with equities, as traders weighed the Federal Reserve’s shift to tighter monetary policy to battle inflation.
Futures in New York closed up 0.2%, reversing earlier losses of as much as 1.9% on Wednesday. The central bank said it will double the pace at which it’s scaling back purchases of Treasuries and mortgage-backed securities, a move that was largely priced into risk assets already.