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Oil prices extended the latest bull run for a fourth consecutive day despite prices having suffered through Tuesday trading after the API reported a larger stock build than expected. The move was primarily attributed to the Biden administration's announced plans to replenish the SPR later this year.
In the days ahead, the United States is set to release its latest CPI data, while China will publish inflation figures and the Bank of England will reveal its interest rate decision.
PayPal, Disney, and Rivian are expected to report earnings this week. How did these mixed companies fare in the face of economic turmoil ranging from inflation to recession fears?
Oil prices hit a 5-week low on Tuesday due to US economic concerns, debt ceiling, and Fed's hike expectations. Major oil producers also reported mixed earnings, with Morgan Stanley cutting its Q3 forecast for Brent.
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