Oil traded near $47 a barrel after the Federal Reserve left interest rates unchanged.
Futures
edged lower in New York after climbing 5.7 percent Wednesday on an
unexpected decline in U.S. crude stockpiles. The dollar dropped after
the U.S. central bank declined to boost its short-term interest-rate
target at its policy-setting meeting in Washington. A weaker U.S.
currency bolsters the appeal of commodities priced in the greenback as a
store of value.
Oil
is down 23 percent from this year’s peak in June amid a persistent
global oversupply. U.S. crude inventories remain about 100 million
barrels above the five-year seasonal average after government data
Wednesday showed an unexpected decline last week.
West
Texas Intermediate for October delivery slipped 25 cents, or 0.5
percent, to settle at $46.90 a barrel on the New York Mercantile
Exchange. It was $46.75 before the decision was announced at 2 p.m. in
Washington.
Source: Bloomberg
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