Oil futures finished higher on Wednesday, buoyed by weakness in the dollar that followed the Federal Reserve’s announcement that it plans to keep interest rates at near zero through 2022.
The U.S. dollar got hammered after the Fed’s statement, pushing crude prices toward the highs for the day “after a bearish-tilted EIA report,” said Matt Smith, director of commodity reach at ClipperData.
The Fed said that it would do what it takes to support the economy—easing worries about energy demand.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.