Oil prices jump after diving in wake of US interest rate hike

The Federal Reserve announced the biggest interest rate increase since 1994, with oil prices soon sent downward, but investors stay confident on crude demand holding steady.

Photo: Jacob Ehrbahn

After taking a steep fall, oil is trading higher due to tight supply and forecasts of stable demand.

This occurs after the US Federal Reserve’s Wednesday announcement of raising the dollar interest rate with 75 basis points, the largest rate hike since 1994.

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