(Bloomberg) — Oil climbed after US stockpiles fell, and the Federal Reserve signaled that interest rates would be cut this year, boosting risk appetite across wider markets and bruising the dollar.
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West Texas Intermediate for May traded above $81 a barrel, rising for the third time in four days, while global benchmark Brent closed just shy of $86. Nationwide US crude inventories dropped for a second week, with a large draw also seen in gasoline.
Fed officials maintained their outlook for three interest-rate cuts this year after holding them steady, as expected, at a meeting on Wednesday. A gauge of the US dollar traded lower for a second day, boosting the allure of commodities priced in the currency.
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