Oil jumps after Fed says it will act to sustain U.S. growth - Reuters

Oil jumps after Fed says it will act to sustain U.S. growth - Reuters:

Oil prices rose above $61 a barrel on Friday after the head of the U.S. Federal Reserve said the central bank will act “as appropriate” to sustain an economic expansion in the world’s biggest economy that has been pressured by uncertainty over global trade.

Global benchmark Brent crude settled at $61.54 a barrel, up 59 cents, or 1%, while U.S. West Texas Intermediate (WTI) crude ended 22 cents, or 0.4%, higher at $56.52.

Both benchmarks had declined earlier on concerns over slipping U.S. job growth and continued U.S.-China trade tensions, despite recent diplomatic progress. 

The Federal Reserve has an obligation “to use our tools to support the economy, and that’s what we’ll continue to do,” Fed Chair Jerome Powell said at the University of Zurich, sticking to a phrase that financial markets have read as signaling further interest-rate reductions ahead. The Fed cut rates by a quarter of a percentage point in July.