Oil Futures End Sharply Higher As Dovish Fed Statement Sinks Dollar

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.