Oil prices surge as Fed chief’s comments less hawkish than expected

World Oil | Jan 11, 2022 at 1:00 AM
  • 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.