Oil prices climbed on Wednesday extending gains from previous session after U.S. Federal Reserves signaled interest rates hike should come in earlier than expected, which is expected to support price of oil.
WTI and Brent reached their high since late November. On Wednesday, WTI reached $81.26 inching up by 0.04% while Brent reached $83.62 inching down by 0.83%.
“A long road to normal means the economy will still see a lot of support over the first half of the year and that is good news for crude prices,” said OANDA analyst Edward Moya, as reported by Reuters.
