Oil Rebounds as Traders Weigh Outlook for Increased Consumption

Oil has soared in 2022 as the war in Ukraine disrupted supplies just as energy consumption increased following the pandemic. WTI, the US crude benchmark, is headed for a record-setting ninth consecutive quarterly increase, contributing to rampant inflation. Last week, the Federal Reserve increased interest rates by 75 basis points to tame the pace of price gains, and leading policy makers have vowed to keep going until the fastest inflation in decades starts to ebb.