Oil edged higher after U.S. government data showed exports reached a record and strong draws from fuel stockpiles.

Exports of crude and refined products rose to 12 million barrels a day, according to the Energy Information Administration. Proof of ongoing demand nudged prices higher. Still, investors will be watching the Federal Reserve decision expected later today and for any subsequent comments by Chairman Jerome Powell for clues to the US economic outlook.

Banking turmoil drove crude to a 15-month low last week as risk appetite evaporated. Despite the leg lower, a raft of market watchers remain bullish on the outlook, in part due to China’s rebound from Covid lockdowns, with lofty predictions of US$140 a barrel.

Prices:

• WTI for May delivery rose 61 cents to US$70.28 a barrel at 10:59 a.m. in New York.
• Brent for May settlement rose 69 cents to US$76.01 a barrel.