Oil Rises in Rangebound Trade as Red Sea Risks Counter Fedspeak
- US signals continued strikes; Houthis attack more ships
- Prices caught in band of about $5 for most of this year
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Oil edged higher in rangebound trading as investors weighed shifting risks in the Middle East against hawkish comments from the Federal Reserve.
West Texas Intermediate rose 0.7% to settle above $73 a barrel after rebounding from a three-week low on Monday. Prices have now returned to the roughly $5 channel where they’ve spent most of this year. Algorithmic trading has exacerbated price choppiness as its trend-following traders quickly flip from bearish bets to bullish ones.