Oil prices rose as the U.S. cut its forecast for a global glut and slower-than-expected inflation supported riskier assets.
Brent crude rose above $70 a barrel after a modest gain on Tuesday, while West Texas Intermediate topped $67. U.S. consumer prices rose at the slowest pace in four months in February, offering some relief after months of stalled progress in taming inflation.
Meanwhile, the Energy Information Administration cut its forecast for a surplus this year and halved its outlook for a supply glut by 2026, citing the prospect of reduced flows from Iran and Venezuela. (Newsmaker23)
Source: Bloomberg
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