Dovish Fed fuels crude oil

|By:, SA News Editor

Already ahead on the session, oil adds to gains after the Fed stayed on hold and cut its expectations for rate hikes this year from four to two.

Black gold is up 5.75% to $38.43 per barrel, now within close distance of where it started the year at about $40. USO +4.7%

Earlier: The EIA reported a smaller-than-expected build in inventories.

ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, UGA, USL, DNO, OLO, SZO, OLEM

Previously: Yellen press conference: What will it take for a hike (March 16)

Previously: Fed stays on hold, sees just two rate hikes this year (March 16)

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