Brent oil hit a fresh seven-year high as a robust crude market countered the U.S. Federal Reserve’s indication that it would soon start raising interest rates to quell inflation.Benchmark futures added almost a dollar to trade near $91 a barrel, while West Texas Intermediate was also the highest since 2014. The recent rally in oil comes as physical supplies appear extremely tight. Key swaps tied to the North Sea market that helps price much of the world’s oil are trading at their firmest since 2019, while gauges of market strength, known as timespreads, are trading at their strongest level since November.On Wednesday, the Fed endorsed interest-rate liftoff in March and opened the door to more frequent, potentially larger hikes than expected. The rally in crude prices is coming as the global economy contends with rampant inflation.
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