Brent crude futures rose 56 cents, or 0.7%, to $83.40 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 65 cents, or 0.8%, to $77.05 a barrel.
The Federal Reserve on Wednesday raised its target interest rate by a quarter of a percentage point, while continuing to promise “continued increases” in borrowing costs as part of its fight against inflation.
“Inflation has eased somewhat but remains elevated,” the U.S. central bank said in a statement that marks explicit acknowledgment of progress in reducing the pace of price increases from 40-year highs reached last year. last.
A weaker greenback makes oil in US dollars cheaper for holders of other currencies, which boosts demand.
The US dollar last fell 0.3% during the session against a basket of currencies, to 101.15.
Prices are also rising amid a Feb. 5 ban on Russian refined products by the European Union. EU countries will seek agreement on Friday on a European Commission proposal to set price caps on Russian petroleum products, after postponing a decision on Wednesday amid divisions among member states, diplomats said.
The European Commission proposed last week that from February 5 the EU would apply a price cap of $100 a barrel on high-end Russian petroleum products such as diesel and a cap of $45 a barrel on discounted products such as heating oil.
