Energy Edges Higher After Bumper Fed Rate Cut - Energy Roundup

Shares of energy companies rose slightly after the Federal Reserve cut their benchmark interest rate by 50 basis points.

Chairman Jerome Powell said upside risks to inflation had eased, while rising unemployment was a growing concern.

Rate-sensitive sectors came off session highs after Powell stressed in the press conference that the central bank will take upcoming interest-rate decisions on a meeting-by-meeting basis as it seeks to dial back restraint of the economy in response to a softening labor market.

Commercial crude oil stockpiles excluding the Strategic Petroleum Reserve fell by 1.6 million barrels to 417.5 million barrels in the week ended Sept. 13 and were about 4% below the five-year average for the time of year, the Energy Information Administration said.

Hezbollah was hit by another wave of exploding devices, as Israel signaled it was moving toward more aggressive military action against the Lebanese militant group, stirring fears of a wider Middle Eastern war.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

September 18, 2024 17:24 ET (21:24 GMT)

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