Oil traders – along with financial markets everywhere – were disappointed with the decision by the U.S. Federal Reserve despite the first interest rate cut since the global financial crisis a decade ago. The Fed cut rates by 25 basis points on Wednesday, and one would think that the monetary easing would push up equities and commodities. Crude oil, priced in dollars, tends to benefit with the central bank cuts rates, as it tends to weaken the dollar and make oil more affordable for much of the world. However, markets were clearly disappointed.…
