- Oil jumped by the most in month after Jerome Powell’s comments to the Senate Banking Committee appeared to be less hawkish than the Federal Reserve had recently telegraphed.
- Oil has made a positive start to 2022 on expectations that demand will continue to expand as the pandemic’s impact on fuel consumption gradually eases, tightening the market.
- Prices rose earlier in the session as traders focused on tightening supplies.
Oil prices surge as Fed chief’s comments less hawkish than expected
