Crude oil futures rallied Wednesday as the Federal Reserve’s dovish interest rate statement weakened the U.S. dollar.
Citing problems with the global economy, the Fed kept rates on hold and now see only two rate hikes instead of four this year.
West Texas Intermediate oil for April delivery rose $2.12, or 5.8%, to end at $38.46 a barrel, moving back near last week’s multi-month highs.
OPEC members planned a formal meeting with Russia to discuss capping production in April, helping boost prices.
Traders ignored another build in U.S. crude oil inventories.
Commercial crude oil inventories increased by 1.3 million barrels from the previous week.
At 523.2 million barrels, U.S. crude oil inventories are at historically high levels for this time of year.
The material has been provided by InstaForex Company – www.instaforex.com