Oil rises nearly 3% after Fed, BoE pause on rates

Brent crude futures rose US$2.22, or 2.6%, to settle at US$86.85 a barrel, while US West Texas Intermediate crude futures gained US$2.23, or 2.8%, to close at US$82.67 a barrel. — Reuters

BENGALURU: Oil prices gained more than US$2 a barrel on Thursday, breaking a three-day declining streak as risk appetite returned to financial markets a day after the US Federal Reserve kept benchmark interest rates on hold.

Brent crude futures rose US$2.22, or 2.6%, to settle at US$86.85 a barrel, while US West Texas Intermediate crude futures gained US$2.23, or 2.8%, to close at US$82.67 a barrel.