Crude oil prices drifted lower on Wednesday after data showed a jump in oil inventories in the U.S. last week, and the Federal Reserve hiked interest rates by a sharp 0.75%.
The Fed today raised its target interest rate by 75 basis points to fight inflation.
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Market Analysis
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.