|
Brent futures was up $1, or 1.3%, to $75.26 a barrel as of 0900
GMT. U.S. West Texas Intermediate (WTI) crude climbed 80 cents,
or 1.1%, to $70.27.
"Crude oil prices rebounded before the Fed meeting, and the
event lifted them further," said CMC Markets analyst Tina Teng
in a client note.
The dollar dropped to a fresh four-month low on Thursday after
the U.S. Federal Reserve's latest economic projections indicated
the interest rate hike cycle has ended and lower borrowing costs
were coming in 2024.
Fed Chair Jerome Powell said on Wednesday the historic
tightening of monetary policy was likely over.
Lower interest rates reduce consumer borrowing costs, which can
boost economic growth and demand for oil. A weaker dollar makes
oil less expensive for foreign purchasers.
Prices were also boosted by a larger-than-expected draw from the
U.S. crude inventory, Teng added.
The U.S. Energy Information Administration (EIA) said energy
firms withdrew a bigger-than-expected 4.3 million barrels of
crude from stockpiles in the week ended Dec. 8 as imports fell.
[EIA/S]
Brent futures are down about 10% since OPEC+ announced plans for
a new round of production cuts on Nov. 30. OPEC+ includes OPEC
and allies such as Russia.
(Reporting by Dmitry Zhdannikov in London, Laura Sanicola and
Trixie Yap; editing by Edmund Klamann and Jason Neely)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
