The energy sector drove broader markets confidently higher on Wednesday, helping to shake off several days of tight-range trading. Oil rebounded above $56 a barrel, notching its highest close of the year. Crude had rallied on forecasts for higher global demand this year and following a smaller-than-expected weekly increase in U.S. crude inventories. Major oilers Exxon Mobil (XOM), Petrobras (PBR.A) and Chevron (CVX) were all big winners, while the Energy Select Sector ETF (XLE) surged more than 2%. The economy was still feeling the pinch from lower oil prices, according to the Federal Reserve’s Beige Book.
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