Oil Pushes Higher as Trump Signals No Intention to Ax Powell

Bloomberg.com · last updated April 22, 2025 – 8:20 PM

Oil extended gains as President Donald Trump said he had no intention of firing Federal Reserve Chair Jerome Powell, while an industry report pointed to a large decline in US crude stockpiles.

Brent climbed toward $68 after closing 1.8% higher on Tuesday, and West Texas Intermediate traded near $64 a barrel after Trump’s comments on the Fed chief. His criticism of Powell prompted a global selloff on Monday before oil and other financial assets clawed back some losses in the following session.

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