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Oil Pushes Past $101 on Fed View

NEW YORK -- Oil futures rallied again Wednesday, pushing briefly past $101 a barrel after the Federal Reserve lowered its forecast for economic growth this year, convincing energy investors that the central bank will slash interest rates further, according to the Associated Press.

At the pump, meanwhile, gas prices rose another 2 cents overnight.

The Fed said damage from the housing slump and problems in the credit markets will slow economic growth to between 1.3 percent and 2 percent this year, down from a previous forecast for GDP growth of between 1.8 percent and 2.5 percent.

The contract for March delivery of light sweet crude rose 73 cents to settle at a record $100.74 on the New York Mercantile Exchange after earlier rising as high as $101.32, a new trading record. On Tuesday, the contract jumped $4.51 a barrel

Posted by Peter C. T. Elsworth  at 5:26 PM to Crude oil market | Permalink

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