Oil Falls in Volatile Trade After Fed Leaves Rate Unchanged
New York: Global oil futures fell Thursday, resuming
their slide after a brief spike following the Federal Reserve's
announcement that it would leave US interest rates unchanged.
Economists saw about a one-in-four chance of a rate increase. The dollar eased ahead of the announcement. A weaker US currency can be supportive to dollar-denominated commodities like oil.
Both US crude and Brent extended losses ahead of the 2 p.m. EDT (1800 GMT) announcement. After the decision was announced, US crude darted into positive territory while Brent pared losses. Within 10 minutes, both benchmarks relinquished gains.
Economists saw about a one-in-four chance of a rate increase. The dollar eased ahead of the announcement. A weaker US currency can be supportive to dollar-denominated commodities like oil.
Both US crude and Brent extended losses ahead of the 2 p.m. EDT (1800 GMT) announcement. After the decision was announced, US crude darted into positive territory while Brent pared losses. Within 10 minutes, both benchmarks relinquished gains.
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