April 28 (Bloomberg) -- Crude oil rose after Federal Reserve officials restated their intention to keep interest rates near zero for an extended period and said the labor market is beginning to improve.
Oil rose 1 percent after the Federal Open Market Committee said that economic conditions “are likely to warrant exceptionally low levels of the federal funds rate for an extended period.” Prices also increased after a government report showed that U.S. refineries were operating at the highest rate in almost two years.
“The Fed’s comments were a perfectly bullish combination for a number of markets,” said Jason Schenker, president of Prestige Economics LLC, an Austin, Texas-based energy consultant. “They said that they are seeing signs of improving growth, and promised to keep interest rates low.”
Crude oil for June delivery rose 78 cents to settle at $83.22 a barrel on the New York Mercantile Exchange. Futures are up 67 percent from a year earlier.
The job market is “beginning to improve,” the Federal Open Market Committee said in a statement today in Washington. Last month, the FOMC said the labor market “is stabilizing.” more...
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