Oil prices spike on crude inventory update and Powell's rate-cut outlook

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Oil prices spike on crude inventory update and Powell's rate-cut outlook

Fracking In California Under Spotlight As Some Local Municipalities Issue BansDavid McNew/Getty Images Crude oil notched year-to-date highs on Wednesday, driven by inventory updates and Fedspeak.  In testimony on Wednesday, Jerome Powell said the Fed is still looking to cut rates this year.  Conflict in the Middle East, Red Sea turmoil, and sanction on Russian oil have buoyed crude prices.  Crude oil prices spiked on Wednesday following new data…