Commodities
Oil Edges Up After Bullish US Data Buoys Shaky Demand Outlook
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Oil edged up after a US government report allayed concerns about near-term demand destruction, even as the Federal Reserve forecast slowing economic growth.
West Texas Intermediate rose 0.4% to top $67 a barrel, while Brent settled near $71. US distillate inventories dropped to the lowest in more than three months, while gasoline stockpiles hit January lows, reining in concerns about declining fuel consumption. The official data also showed a smaller gain for crude stockpiles than estimated by the American Petroleum Institute, while reserves fell at the Cushing hub.