London Brent crude inched down 2 cents to $88.43, less than $1 below its close on Friday before the worst of the turmoil hit global markets.
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Crude Price Stable at $89
Oil steadied above $89 on Wednesday after the Federal Reserve cut interest rate
Oil steadied above $89 on Wednesday after the Federal Reserve cut interest rate, halting a global financial market sell-off.
The Federal Reserve cut interest rates by 75 basis points to 3.5 percent on Tuesday, its biggest cut in more than 23 years and a move that some traders said smelled of panic.
U.S. crude rose 14 cents to $89.35 a barrel by 0120 GMT after falling as low as $86.11 a day ago amid a global stock market rout.
London Brent crude inched down 2 cents to $88.43, less than $1 below its close on Friday before the worst of the turmoil hit global markets.
London Brent crude inched down 2 cents to $88.43, less than $1 below its close on Friday before the worst of the turmoil hit global markets.
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