Oil prices edge up on US fuel demand

Quick Summary:

Oil prices edged up on Wednesday after US government data showed a draw in fuel inventories, but the Federal Reserve's decision to hold interest rates steady capped gains.

US West Texas Intermediate crude (WTI) closed 26 cents, or 0.39%, higher at US$67.16.

The Fed held rates steady at the 4.25%-4.50% range as expected, but policymakers signaled they still anticipate reducing borrowing costs by half a percentage point by the end of this year in the context of slowing economic growth and a downturn in inflation.

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Category: EconomyBusiness

Markets: MalaysiaCanadaChinaIsraelMexicoUkraineUnited StatesYemen

Topics: Commodities FuelInventory EnergySecurity CrudePrices FedDecision RussiaUkraine /Business/ MiddleEastTensions GeopoliticalRisks OilMarkets

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News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-20 @ 06:24:00 (16 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 503 words

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News ID: 27181320

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