Oil extends gains, WTI jumps 3%

Crude futures extended gains from earlier in the day, jumping around 3%, as investors focused on Federal Reserve Chair Jerome Powell's Senate testimony and awaited private data on US oil inventories.

Powell stated the bank still has a "long road to [a] normal" monetary policy and stressed the Fed will hike rates if high inflation persists.

West Texas Intermediate (WTI) for February delivery surged 3.27% to sell for $80.79 per barrel at 11:26 am ET and Brent for settlements in March climbed 2.89% to go for $83.21 per barrel at 11:27 am ET.

Baha Breaking News (BBN) / NP