FX.co ★ Oil Prices Climb On Dollar Weakness After Fed Meeting

Oil prices rose about 2 percent on Thursday, as a weaker dollar on hopes that U.S. interest rates may have peaked outweighed bearish inventory data.

Benchmark Brent crude futures jumped 1.7 percent to $86.08 per barrel, while WTI crude futures were up 1.9 percent at $81.94.

The dollar tracked Treasury yields lower after the Federal Reserve left interest rates unchanged for the third time in the past four meetings.

Additionally, comments from Fed Chair Jerome Powell suggested that rate hikes were done.

Investors shrugged off data from the U.S. Energy Information Administration (EIA) showing that crude inventory in the U.S. rose by 0.774 million barrels in the week ended October 27, less than an expected increase of 1.3 million barrels.

Gasoline stockpiles increased by 0.1 million barrels last week, as against forecasts for a drop of about 0.8 million barrels, while distillate stockpiles fell by 0.8 million barrels in the week, against expectations for a 1.5-million-barrel drop, the EIA data showed.