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Futures Movers: Stronger demand outlook lifts oil, as traders digest a hefty U.S. supply climb and Fed policy decision

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Oil futures settled higher on Wednesday, buoyed after the International Energy Agency raised its forecast for demand growth in the year ahead, as traders digested news of a significant weekly rise in U.S. crude supplies and the Federal Reserve’s decision on interest rates.

News of a more than 10 million-barrel weekly climb in U.S. crude inventories failed to pull down prices, as analysts attributed the hefty increase to a temporary export disruption in the U.S. Gulf Coast.

Meanwhile,…

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