Oil price jumps to six-month high as Fed leaves rates unchanged

FTSE 100 down 1.1%

Oil prices jumped 3% yesterday, hitting their highest level since November, after the US Federal Reserve voted to keep interest rates unchanged once against in its latest monthly meeting.

The price of Brent crude reached highs of $47.45 yesterday, before retreating slightly to trade at $47.20 currently, as the Fed's latest announcement weakened the US dollar. The US currency is trading at $1.4561 against sterling, having fallen some 2.9% over the past month to 27 April. Meanwhile, the rising oil price buoyed minining companies, with miners and oil stocks in the FTSE 100 rallying this morning. Among the biggest risers on the index are Anglo American,  up 2.6% to 715.3p, Rio Tinto up 1.4% to £22.65, and BHP Billiton up 1% to 934.9p. However, the UK's blue-chip inde...