Oil Prices Resume Post-Cut Rally Despite Demand Doubts

Crude oil prices were climbing on Thursday morning following the Fed’s announcement of a 0.5% cut in interest rates on Wednesday. The announcement pushed prices up for a short while on Tuesday but the rise quickly fizzled out as it sparked worry about the state of the U.S. economy. Later in the day prices began to climb higher again, and early on Wednesday morning that trend was continuing. “While the 50 basis point cut hints at harsh economic headwinds ahead, bearish investors were left unsatisfied after the Fed raised the medium-term…