An animated crude market did an happy dance to the tunes of macroeconomic signals on Friday — a market that remained well-supplied, traders said. Crude oil futures gained some 1% as they absorbed a prediction by the US Federal Reserve that more interest rate hikes might beneeded to fi ght persistent infl ation. Fed Chairman Jerome Powell’s interest rate outlook, delivered at the Reserve’s annual Jackson Hole summit, was considered a neutralassessment of how the central bank is trying to contain infl ation without sending the US economy into a recession.
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