Oil prices jump to $50 as US Fed decides to keep rates unchanged
The US Federal Reserve on Wednesday announced that it will maintain the target range for the federal funds rate at 0.25-0.5%, but gave a little clue on the timing of its next rate hike.
Oil prices jumped as the US Federal Reserve decided to keep the target range for the federal funds rate unchanged.
The West Texas Intermediate (WTI) for June delivery on Wednesday surged $1.29 to settle at $50.15 a barrel on the New York Mercantile Exchange while Brent crude for June delivery increased $1.44 to close at $47.18 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.
The US Federal Reserve on Wednesday announced that it will maintain the target range for the federal funds rate at 0.25-0.5%, but gave a little clue on the timing of its next rate hike.
The US labour market conditions "have improved further" even as growth in economic activity "appears to have slowed," the Fed said in a statement after wrapping up a two-day policy meeting, noting that it will continue to "closely monitor" inflation indicators and global economic and financial developments.
The Fed currently expects that the US economy will expand "at a moderate pace" and the labour market indicators will "continue to strengthen", according to the statement.
Meanwhile, the US crude supplies of last week gained 2 million barrels to an all-time peak of 540.6 million barrels, the Energy Information Administration (EIA) said in its weekly report released on Wednesday.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI Guaranteed Return Scheme: Know how much maturity amount you will get on Rs 2 lakh, 2.5 lakh, 3 lakh, 3.5 lakh and Rs 4 lakh investments under Amrit Vrishti FD scheme
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
SBI Senior Citizen FD Rate: Here's what State Bank of India giving on 1-year, 3-year, 5-year fixed deposits currently
09:03 AM IST