Oil rises after Fed cuts pandemic stimulus – live updates

Oil rises after Fed cuts pandemic stimulus – live updates

O il prices have risen after the Federal Reserve accelerated the winding down of its huge stimulus package and paved the way for interest rate rises. In a hawkish turn on inflation, the US central bank said it will cut its bond purchases by $30bn (£23bn) a month – double the previous pace – a predicted three rate rises next year. The move sparked a rally on Wall Street and drove up oil, which has also been buoyed by lower stockpiles of US crude. West Texas Intermediate rose 1.3pc, while benchmark Brent crude was up 1.2pc to just under $75 a barrel. L ord Rothermere has secured the backing of shareholders for his deal to take the Daily Mail group private. The publishing tycoon, who upped his bid to £871m earlier this month, said he had received acceptances for 52.8m shares. Taken together with the shares he already owns, it means the deal has the support of 56.7m of all shares in Daily Mail and General Trust. It marks a win for the newspaper group's founding family, which tabled an offer to take the company off the stock exchange following the sale of its insurance business and the listing of