Oil Prices Rise as Federal Reserve Holds Interest Rates Steady
Brent crude surpasses $72 per barrel amid geopolitical tensions and U.S. economic policies.
Oil prices increased on Thursday following the Federal Reserve's decision to keep interest rates unchanged for the second consecutive meeting and ongoing geopolitical tensions.
During trading, Brent crude futures rose by $1.16, or 1.16%, reaching $72.04 per barrel.
Meanwhile, U.S. crude oil futures climbed by $1.22, or 1.81%, to $68.83 per barrel.
The more actively traded May contracts also saw an uptick, increasing by 0.67% to $67.36.
Federal Reserve Chair Jerome Powell commented that the initial policies of the Trump administration, including extensive tariffs on imports, have contributed to a slowdown in U.S. economic growth and a temporary rise in inflation.
In related developments, according to reports, the CEO of Chevron has requested a 60-day extension from the Trump administration to reduce operations in Venezuela, extending beyond the previously set deadline of April 1.
During trading, Brent crude futures rose by $1.16, or 1.16%, reaching $72.04 per barrel.
Meanwhile, U.S. crude oil futures climbed by $1.22, or 1.81%, to $68.83 per barrel.
The more actively traded May contracts also saw an uptick, increasing by 0.67% to $67.36.
Federal Reserve Chair Jerome Powell commented that the initial policies of the Trump administration, including extensive tariffs on imports, have contributed to a slowdown in U.S. economic growth and a temporary rise in inflation.
In related developments, according to reports, the CEO of Chevron has requested a 60-day extension from the Trump administration to reduce operations in Venezuela, extending beyond the previously set deadline of April 1.
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