NEW YORK—Crude oil prices rose Wednesday on the back of the Federal Reserve’s decision to continue pursuing an exceptionally supportive monetary policy which weighed on the dollar.
New York’s main futures contract, light sweet crude for June delivery, closed at $112.76 a barrel, a gain of 55 cents from Tuesday.
In London, Brent North Sea crude for delivery in June climbed 99 cents to settle at $125.13.
The Fed announced, as widely expected, that it would maintain its key interest rate at an ultra-low zero to 0.25 percent to support economic growth.
Citing the economy’s only “moderate” recovery, the central bank also kept the door open for more economic stimulus, while saying its current $600 billion program would be allowed to run its forecast course through June.
The Fed’s easy monetary policy weighed on the dollar, helping to support oil prices. A weaker US unit makes oil and other dollar-priced commodities more attractive to buyers using stronger currencies.