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Oil prices rose by over 1% after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil.

Oil prices edged higher in volatile trading as the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports, and bleak economic data from leading crude buyer China limited gains.

Oil prices dipped after two days of gain, as market participants weighed worries about global economic slowdown.

Oil prices fell for the week on a stronger U.S. dollar and fears that an economic slowdown would weaken crude demand.

Around $369 billion of federal funds will flow into climate change and energy security, boosting domestic capacity to produce wind turbines, solar panels and electric vehicles.

Oil prices gained about 3% as positive U.S. economic data and robust U.S. fuel consumption offset concerns that slowing economic growth in other countries could undercut demand.

Elon Musk is seeking documents from advertising technology firms as part of his quest to gain more information on bot and spam accounts on Twitter.

U.S. stocks jumped to a sharply higher close and Treasury yields touched two-week highs on Wednesday.