How did the decision of the US Federal Reserve affect oil prices?

Oil prices rose in trading today, Thursday, after the US Federal Reserve (central bank) raised interest rates by 25 basis points, which led to a depreciation of the dollar.

By 09:14 Moscow time, futures for US West Texas Intermediate crude rose 0.58% to $76.58 per barrel.

Brent futures rose 0.45% to $83.21 a barrel, according to Bloomberg data.

In the foreign exchange market, the dollar index, which measures the value of the US currency against a basket of major currencies, fell 0.29% to 100.19 points.

The US Federal Reserve has vowed to “continue to increase” the cost of borrowing as part of the fight against inflation.

Source: RT + Bloomberg