The dollar dropped against its rivals, falling to its lowest level against the euro in eight days, after the Federal Reserve’s monetary policy statement implied that the central bank will keep its benchmark rate lower for longer.
After briefly rising above $1.10, the euro EURUSD, -0.85% finished the North American session at $1.0873, recording its largest one-session move against the buck since December 2008. The shared currency had traded at $1.0598 Tuesday.
In other currency action, the dollar CADUSD, -0.29% dropped to 1.2580 Canadian dollars, compared with $1.2766 late Tuesday. It USDJPY, +0.27% traded at 120.23 yen, compared with ¥121.34 Tuesday.
Following the late rally for oil, April gasoline RBJ5, -0.64% rose 6.9 cents, or 4%, to $1.799 a gallon. April heating oil HOJ5, -0.68% settled at $1.773 a gallon, up 7.9 cents, or 4.6%.
April natural gas NGJ15, -0.03% added 6.5 cents, or 2.3%, to $2.92 per million British thermal units.
Oil futures climbed on Wednesday, as comments from the Federal Reserve, signaling its intent to raise key interest rates cautiously, indirectly sparked a rebound in West Texas Intermediate crude prices, pushing them above $44 a barrel.
Prices had earlier fallen below $43 to fresh six-year lows after a U.S. government report revealed a 10th straight weekly increase in crude supplies.
April crude CLJ5, -1.75% tacked on $1.20, or 2.8%, to settle at $44.66 a barrel on the New York Mercantile Exchange. The late-session rally put an end to a six-session losing streak. Prices closed Tuesday at their lowest level since March 2009.
Brent crude for May delivery LCOK5, -0.82% on London’s ICE Futures exchange rose $2.40, or 4.5%, to settle at $55.91 a barrel.