This week ended in an upward push in oil prices with Brent crude closing at $81, West Texas Intermediate over $72, and oil from Oman over $90. More and more forecasts are now coming out calling for oil to move as high as $100 if supplies continue to contract based on events with OPEC, Venezuela, and elsewhere. In today’s Big Picture, we cover the most recent events affecting the oil markets and the price of oil and then turn our attention to the Federal Reserve’s recent FOMC meeting, looking at comments from Jay Powell, and what higher interest rates mean for investors and those with mortgages, credit card balances, and auto loans.
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