Oil Gains On Crossed Economic Wires

Continued volatility has seen oil prices gain 1% on Wednesday, as the market attempts to decipher the latest demand growth, US crude inventory data, inflation indications and the impact of China’s COVID lockdowns.  As of 3:33 p.m. EST on Wednesday, Brent crude was trading up $0.53, at $93.73, for a 0.60% gain on the day. WTI was trading up $0.83, at $88.14, for a 0.95% gain on the day.  Oil prices appear to be reacting, in part, to Wednesday’s release by the Bureau of Labor Statistics of the Producer Price Index (PPI), which…