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Oct 8, 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.
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.