FXStreet (Córdoba) – Crude oil price spiked to its highest level since July above $50.00 a barrel as the dollar weakened broadly as the knee-jerk reaction to FOMC latest minutes.
FOMC minutes showed Fed officials chose to wait before raising rates as they remain worried about low inflation. Minutes revealed concerns among members that a premature tightening might erode the credibility of the Fed’s inflation objective.
Crude oil rose to a high a few cents above $50.00 a barrel before settling around $49.50/bbl, posting a 3.4% daily gain.
Crude prices were already strong on Thursday amid a weaker dollar and worries amid an escalating conflict in the Middle East after Russia’s military involvement in Syria.
(Market News Provided by FXstreet)