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Oil prices rise as Fed meets on interest rates

Charter -- Oil prices rose Tuesday as the Federal Reserve began a two-day policy meeting on interest rates.

The U.S. government stepped in to bail out faltering banks and other giant businesses over the past year, which has helped send the dollar tumbling and the price of oil sharply higher.

Since oil is largely bought and sold in dollars, investors holding stronger currencies can buy more crude for less and have done so in recent months, sending the price of benchmark crude above $80 near the end of October.

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Submitted Nov 03, 2009 By: FPLREP

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REPLIES (newest first)

ENORMS Champion Author Colorado Posts:2,153 Points:697,775 Joined:Sep 2006	Message Posted: Nov 5, 2009 6:08:54 AM Ignore ENORMS Report Abuse The speculators keep pushing up the price of oil until it kills the economy and puts more people out of work.
NedW Champion Author Indianapolis Posts:2,322 Points:505,515 Joined:Mar 2008	Message Posted: Nov 3, 2009 10:13:47 PM Ignore NedW Report Abuse The Fed. This institution needs to be audited, badly.
fordmexico Champion Author Michigan Posts:2,142 Points:180,650 Joined:Oct 2009	Message Posted: Nov 3, 2009 9:32:52 PM Ignore fordmexico Report Abuse No action expected by the Fed on interest rates (thank God), yet speculators are still using it as a reason to raise oil proces!
mreiff Champion Author Louisville Posts:1,613 Points:362,195 Joined:May 2009	Message Posted: Nov 3, 2009 3:34:40 PM Ignore mreiff Report Abuse Too many factors influencing oil prices.
FPLREP Champion Author Virginia Posts:3,353 Points:1,496,890 Joined:Oct 2005	Message Posted: Nov 3, 2009 3:29:35 PM Ignore FPLREP Report Abuse Better raise interest rates.