Oil rises with Wall Street

Specialist traders eye financial charts and data on the floor of the New York Stock Exchange, Friday Jan. 2, 2009. Wall Street began the new year optimistically Friday as investors brushed off a weaker-than-expected report on manufacturing and sent stocks higher. (AP Photos/Bebeto Matthews)

Wall Street: Oil arose alongside on Wednesday

BEBETO MATTHEWS

By News wires

 25 April 2012 21:06 GMT

Crude oil futures rose in choppy trading on Wednesday, getting a lift from US equities despite pressure from a larger-than-expected increase in US crude inventories and a report that Iran may consider a halt to its nuclear program.

Prices moved little after the US Federal Reserve, as expected, said at the end of a two-day policy meeting that it will keep interest rates exceptionally low at least through late 2014, Reuters reported.

"Oil got support from equities, which are on a rally mode and as support developed after the day's lows around $103 was not violated," said Hamza Khan, analyst at the Schork Group in Villanova, Pennsylvania, said according to the news wire.

The central bank said the US economy had been expanding moderately and that the labor market had improved in recent months. It noted, however, that…

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