Oil prices surge over 3% post Federal Reserve Chair Jerome Powell eases rate hike concerns2 min read . Updated: 08 Feb 2023, 12:11 AM IST
Brent crude futures were up $2.52, or 3.1%, to $83.51 a barrel by 1:07 p.m. EST, while West Texas Intermediate U.S. crude futures rose $2.77, or 3.7%, to $76.88 per barrel.
Oil prices climbed more than 3% on Tuesday after the head of the U.S. central bank eased market concerns over interest rate hikes, while recovering demand in China also boosted prices.
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