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Oil Drops $2 after Fed Announcement

Apr 30th, 2008 | By Contrarian Profits | Category: Featured, Financial News

Crude oil prices tumbled today following the announcement by the Federal Reserve on interest rates.

Earlier today the Federal Reserve said it would lower interest rates by a quarter percentage point.

CNN reports: “US light crude for June delivery fell $2.17 cents to settle at $113.46 a barrel on the New York Mercantile Exchange. Just before the central bank’s announcement, oil was 93 cents lower at $114.70 a barrel.

Tags: Fed Cut, Fed News, Fed Rate, Fed Rate Cut, Federal Reserve
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