WTI Oil Rises Most in Two Weeks on Fed Statement
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West Texas Intermediate oil rose the most in almost two weeks after the Federal Reserve said it will keep up its pace of bond buying to spur economic growth and U.S. inventories unexpectedly dropped.
Prices advanced 0.9 percent as the Fed pledged to keep up $85 billion in monthly purchases until “the outlook for the labor market has improved substantially,” according to a statement released at the end of a two-day gathering of policy makers. Most economists in a Bloomberg survey before the meeting forecast the central bank will halt the stimulus in the first half of 2014. Supplies fell for the first time since January.