Oil edged higher after a volatile session where traders weighed tightness in the physical market against macroeconomic concerns that are clouding the outlook for demand.
West Texas Intermediate settled near $89 a barrel after swinging in a roughly $2.50 range for the day, tracking equity markets. Traders are digesting messaging that the Federal Reserve will need to leave borrowing costs higher for longer, which has strengthened the dollar in the last few sessions.
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