An aerial view of the Phillips 66 oil refinery in the United States.

Tayfun Coskun | Anadolu Agency | Getty Images

Oil prices rose on Wednesday, gaining ground after the Federal Reserve hiked interest rates for the fourth time this year, although crude oil benchmarks ultimately settled within the day’s trading range.

The market was previously supported by a further decline in US oil inventories as refiners became more active ahead of the winter heating season.

Brent crude up $1.51, or 1.6%, up…

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