NEW YORK (AP) -- Oil stocks jumped Wednesday, reversing earlier declines, after the Federal Reserve cut a key interest rate by half a percentage point.
The central bank lowered the benchmark federal funds to 3 percent, its second cut in just over a week, and signaled it may not yet be finished driving interest rates lower.
Oil prices reversed course following the cut, erasing slim losses earlier in the day. Crude had been trading lower ahead of the Fed's move after the government reported crude oil and gasoline inventories rose more than expected last week.
Shortly after the cut, light, sweet crude for March delivery rose 26 cents to $91.90.
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http://biz.yahoo.com/ap/080130/big_oil_sector_glance.html?.v=1
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