Friday, October 9, 2015

Oil rises above $50.00/bbl after FOMC minutes

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.
For more information, read our latest forex news.

No comments:

Post a Comment