Oil prices rose Wednesday, recovering from the previous day's massive sell-off despite a hike in U.S. oil inventories after U.S. inflation figures bolstered the case for another big Federal Reserve interest rate increase, reported Reuters.
Investors have been selling oil of late on worries that aggressive rate hikes to stem inflation will slow economic growth and hit oil demand. Prices fell by more than 7 percent Tuesday in volatile trading to settle below $100 per barrel for the first time since April.
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