Oil rises above $50.00/bbl after FOMC minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    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.
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