http://www.wsj.com/articles/oil-prices-skid-on-russia-output-plan-1418784516
U.S. Oil Prices Rise Off Multiyear Lows
Rebound Attributed to Traders Betting on Lower Prices to Close Out Positions
By Nicole Friedman
Updated Dec. 17, 2014 12:24 p.m. ET
NEW YORK—Oil prices rallied Wednesday as traders closed out positions following a dramatic plunge in prices in recent months.
Light, sweet crude for January delivery recently rose $2.12, or 3.8%, to $58.05 a barrel on the New York Mercantile Exchange, after trading as low as $54.21 a barrel in early trading.
Brent, the global benchmark, recently rose $2.43, or 4.1%, to $62.44 a barrel on ICE Futures Europe.
Market watchers attributed the rebound to traders who had bet on lower prices closing out positions. Oil prices have plunged nearly 50% since June to the lowest level in more than five years.
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http://www.wsj.com/articles/fed-sticks-to-patient-tack-on-rates-1418843005?
Fed Sticks to Patient Tack on Rates
Central Bank Holds to Dovish Approach on Monetary Policy
ByJon Hilsenrath
Dec. 17, 2014 2:03 p.m. ET
The Federal Reserve said it would be patient about raising short-term interest rates in the coming year as it weighs a mix of conflicting signals about the U.S. economy, and retained an assurance that a “considerable time” would pass before rates start going up.
With the new interest rate guidance the U.S. central bank is effectively sticking to a plan to start raising short-term interest rates in 2015, but it sought to soften the blow to the public by keeping a long-dabated reference to the considerable time language.
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