Oil prices snapped a three-day losing streak on Wednesday as a rally in the equity market and a weakening dollar supported the energy commodities.
The Federal Reserve's latest beige book, which was released on Wednesday, said that the economy has shown "widespread signs" of slowing. But seven out of 12 regions tracked by Fed reported moderate or positive growth, and investors took it as a relief that economy is not falling into contraction.
U.S. stocks rallied after the Fed report and boosted sentiment in oil market.
Meanwhile, the successful auction of Portugal's bond sent the euro strengthening against the dollar, which also helped lift oil prices. Usually a weakening greenback increases appeal of the energy commodities' as an alternative investment.
Light, sweet crude for October delivery rose 58 cents to settle at 74.67 U.S. dollars a barrel on the New York Mercantile Exchange. - pna
Linkback:
https://tubagbohol.mikeligalig.com/index.php?topic=31936.0
