Oil falls $2 after Fed announcement
Futures sink after the central bank cuts interest rates; inventory report pressured prices in early trade.
By Catherine Clifford, CNNMoney.com staff writer
Last Updated: April 30, 2008: 3:35 PM EDT
NEW YORK (CNNMoney.com) -- Oil fell sharply Wednesday after the Federal Reserve said it would lower interest rates by 1/4 of a percentage point. Earlier in the day, oil prices eased following a report that showed supplies of crude increased more than expected last week.
U.S. 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.
Prices have fallen $5.29 a barrel since Monday when crude settled at $118.75 a barrel. [more]
http://money.cnn.com/2008/04/30/mark...ion=2008043014
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