Oil Futures End Sharply Higher As Dovish Fed Statement Sinks Dollar

By William L. Watts Markets MarketWatch Pulse

Oil futures rose sharply Wednesday, extending gains ahead of the close as the dollar fell in the wake of a dovish Federal Reserve statement. West Texas Intermediate oil for April delivery rose $2.12, or 5.8%, to end at $38.46 a barrel. The dollar fell versus major rivals after the Fed cut its forecast for interest-rate hikes this year to two from four. A weaker dollar can boost commodities priced in the currency by making it cheaper to users of other currencies.

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