Oil prices rose about 1 percent during early trading on Wednesday, extending gains from the previous day, as investors assessed a new round of sanctions on Iran, along with a decline in crude inventories in the United States, and US President Donald Trump retracted his threatening tone towards the Federal Reserve (central bank).
The market received support after Trump backed away from his threat to fire Federal Reserve Chairman Jerome Powell after days of growing criticism for not cutting interest rates. Trump also signaled the possibility of reducing tariffs on China.
Brent crude futures rose 61 cents, or 0.9 percent, to $68.05 a barrel, while U.S. West Texas Intermediate crude was at $64.27 a barrel, up 60 cents, or 0.94 percent.
Source (Al-Arabiya.net Website, Edited)
