Commodities
Oil Rallies a Third Day as IEA Forecast Overrides Fed Warning
- Broader markets weighed down by Fed Reserve interest rate hike
- IEA says prices may rise in 2023 as Russian exports sink
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Oil rallied for a third day to the highest level in more than a week, undaunted by the Federal Reserve’s determination to fight inflation with a sustained policy of rate hikes.
The jump Wednesday comes after the International Energy Agency said 2023 oil prices may rise as sanctions squeeze Russian supplies and demand beats earlier forecasts.