Oil Futures Rise as Fed Cuts
Oil rises as the Fed cuts interest rates as expected and predicts a slower pace of monetary easing next year, while U.S. crude inventories fall less than expected.
Markets are bracing for a prolonged battle against inflation that may put a floor on how much lower the Fed could go, after easing by 25 basis points today. A hawkish Fed could support the dollar and have an impact on energy prices.
WTI for February rises 0.5% to $70.02.
Source: Marketwatch