Oil prices rise on Fed's brighter US outlook
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Oil prices rose Wednesday after the Federal Reserve boosted its outlook for U.S. economic growth. Benchmark West Texas Intermediate crude added 57 cents to $104.12 per barrel in New York. Brent crude, which sets the price of oil imported into the U.S., added 85 cents to $119.01 per barrel in London.
The Fed expects the U.S. economy to grow between 2.4 percent and 2.9 percent in 2012. That's up from a January forecast of 2.2 percent to 2.7 percent growth. The Fed also expects unemployment to drop to between 7.8 percent and 8 percent by the end of the year. The rate is currently 8.2 percent.
Natural gas also rose sharply. It gained earlier after Encana, a large Canadian gas producer, said it would cut production. It rose further after the Fed came out with its forecast. Natural gas is up 9.5 cents to $2.07 per 1,000 cubic feet.
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