Oil Pushes Higher As Trump Signals No Intention To Ax Powell

Oil extended gains as President Donald Trump said he had no intention of firing Federal Reserve Chair Jerome Powell, while an industry report pointed to a large decline in US crude stockpiles.Brent climbed toward $68 after closing 1.8% higher on Tuesday, and West Texas Intermediate traded near $64 a barrel after Trump’s comments on the Fed chief.

His criticism of Powell prompted a global selloff on Monday before oil and other financial assets clawed back some losses in the following session. Crude’s rebound on Tuesday was aided by speculation that Iranian flows may be curtailed after the US announced sanctions against liquefied petroleum gas magnate Seyed Asadoollah Emamjomeh and his corporate network. The Trump administration has previously vowed “maximum pressure” on Tehran.



US crude inventories, meanwhile, shrunk by 4.57 million barrels last week, the American Petroleum Institute reported. That would be the biggest draw since November if confirmed by official figures later on Wednesday.

Oil is still on track for a heavy monthly loss on concerns that rising tensions between US and its top trading partners could stifle economic growth and throttle energy demand. In a closed-door investor summit on Tuesday, US Treasury Secretary Scott Bessent said the tariff stand-off with China cannot be sustained and that the two countries will have to find ways to de-escalate.Trump Says He Has No Intention of Firing Fed Chief Powell.

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