Oil Tumbles to One-Month Low as Fed Sees Downside Economic Risks

Bloomberg reported that Oil plunged to a one-month low after the Federal Reserve cited “significant downside risks” in U.S. economy.

The market news is quoted as saying:

“There are significant downside risks to the economic outlook, including strains in global financial markets,” the Federal Open Market Committee said in Washington after ending a two-day meeting yesterday. “The committee discussed the range of policy tools available to promote a stronger economic recovery in a context of price stability.”

“Signs of economic weakness are rearing their ugly head in many places and we’re seeing an appropriate response in commodity and equity markets,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts.

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