Brent Edges Up, US Crude Off Low As Fed Weakens Dollar
NEW YORK, June 17 (Reuters) - Brent crude edged up and U.S. crude eased on Wednesday in volatile trading as both contracts trimmed losses after the Federal Reserve left the outlook for interest rate increases uncertain, brokers and analysts said.
The Fed said the economy was likely strong enough to support an interest rate increase by the end of the year, although it lowered expectations for 2015 economic growth because of a weak start to the year.
"The Fed again cited international concerns and the lower growth, opening the door for delaying the expected rate hike and keeping liquidity boosted," said Phil Flynn, an analyst at Price Futures Group in Chicago.
The dollar index weakened, helping dollar-denominated crude recover.
Brent August crude rose 17 cents to settle at $63.87, having swung from $62.60 to $65.47 and ending back below its 50-day moving average of $64.16.
U.S. July crude dipped 5 cents to settle at $59.92, having traded from $58.85 to $61.38.
Crude and refined products oil futures turned sharply lower after government data showed a surprise gasoline inventory build last week.
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