Oil Jumps to Three-Week High as Tight Fuel Supplies Spark Worry
- Federal Reserve hikes interest rates by 75 basis points
- Gasoline inventories fell to the lowest since November 2014
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Oil rose as fuel stockpiles continue to tighten, clinging to gains even as hawkish comments from Federal Reserve Chairman Jerome Powell knocked the wind out of Wall Street.
West Texas Intermediate settled at a three-week high of $90 a barrel on Wednesday. Tight supplies rallied crude prices as gasoline inventories tumbled to the lowest since November 2014 and distillate inventories on the East Coast refused to budge from record seasonal lows, according to Energy Information Administration data. 2