Stronger demand outlook lifts oil, as traders digest a hefty U.S. supply climb and Fed policy decision

Oil futures settled higher on Wednesday, buoyed after the International Energy Agency raised its forecast for demand growth in the year ahead, as traders digested news of a significant weekly rise in U.S. crude supplies and the Federal Reserve’s decision on interest rates.

News of a more than 10 million-barrel weekly climb in U.S. crude inventories failed to pull down prices, as analysts attributed the hefty increase to a temporary export disruption in the U.S. Gulf Coast.

Meanwhile,…