Crude oil futures ended higher, magnifying previous session’s gains, as the dollar slid to a six-week low after the U.S. Federal Reserve delivered an expected small rate hike. The Fed raised interest rates by a quarter of a percentage point. However, data from Energy Information Administration (EIA) showed crude inventories rose by 1.117 million barrels in the week ended March 17. But, gasoline inventories dropped by 6.399 million barrels last week, more than three times the drop of 2.061 million barrels seen last week.
Benchmark crude oil futures for April delivery rose $1.23 or about 1.8 percent to settle at $70.90 a barrel on the New York Mercantile Exchange. Brent crude for May delivery gained $1.37 or about 1.8 percent to settle at $76.69 a barrel on London's Intercontinental Exchange.