WASHINGTON (dpa-AFX) - Crude oil prices rose Wednesday after the government confirmed a surprise drop in U.S. oil inventories.
The Department of Energy's Energy Information Administration reported Wednesday morning that oil inventories fell by 2.6 million barrels during the week ended March 16. Gasoline prices fell by 1.7 million barrels, the second straight notable drop.
Tensions between Iran and Saudi Arabia also lifted oil prices.
May WTI oil gained $1.63, or 2.6%, to settle at $65.17/bb, the highest since early February.
As expected, the Federal Reserve on Wednesday announced its first interest rate increase of 2018 at the conclusion of its two-day policy meeting.
In a bit of a twist, the Fed now plans to raise rates three times in both 2018 and 2019. That's up from a previous prediction of just two rate hikes in 2019.
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