The oil market ended up the day on a negative note
The oil market ended up the day on a negative note as when the Federal Reserve said it would keep interest rates low and take other steps to cut borrowing costs and encourage economic recovery.Gene McGillian, analyst, Tradition Energy, Stamford, Connecticut said: "The oil markets appear to have found some support on the Fed announcement that it will continue to keep interest rates exceptionally low for an extended period. Low interest rates attract money to commodities. The dollar paring its gains allowed crude futures to pare losses."
A barrel of crude oil for September delivery settle down $1.23 to settle at $80.25.
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