Interest rate cut sent crude oil prices up on Wednesday

Crude oil prices rose Wednesday after the Fed cut interest rates another quarter of a point. But concerns remained about too much oil globally as the U.S. production was on track for a record.

At the same time, crude oil inventories in the U.S. fell 1.8 million barrels during the week ending December 5, according to data released by the U.S. Energy Information Administration.The decrease brings commercial stockpiles to 425.7 million barrels according to government data, which is 4% below the five-year average for this time of year.

The West Texas Intermediate crude for January delivery finished up 1.2% to close at $58.95 a barrel on the New York Mercantile Exchange. The closing on Tuesday had been $58.46.

Global benchmark Brent crude closed at $62 a barrel.