Oil closes higher on inventories data, Fed decision

Oil drilling rigs

Oil prices closed positive today, March 22, after US monetary policy decision and the release of inventory data.

The Fed raised interest rates by 25 basis points to a range of 4.75% and 5%, but indicated that only one additional increase this year is possible.

On the other hand, the US Energy Information Administration revealed that oil inventories rose by 1.1 million barrels in the week ended March 17, while gasoline stocks fell by 6.4 million barrels.

The optimism in commodity markets continued as concerns about the global banking system subsided, following measures taken by the regulatory authorities.

Brent crude rose 1.8%, or $1.37, to settle at $76.69 a barrel.

WTI crude gained 2.2%, or $1.57, to reach $70.90 a barrel.