Oil prices were higher today on a weaker dollar and larger than expected crude build. The dollar slid today to a six-week low despite a 25 bp hike from the Fed today as the central bank indicated they were likely to pause future rate hike plans. “Today’s 25-point rate hike by the Fed provided no surprises but the accompanying language prompted some increase in risk appetite that easily spilled into the oil space,” analysts at energy consulting firm Ritterbusch and Associates told customers in a note. Prices increased despite a rout in equity markets and a 1.1MM/bbl build in crude inventories that took levels to 22-month highs. Reuters had forecasted a 1.6MM/bbl draw. Gasoline and distillate inventories did fall more than expected. WTI traded up $1.23 or 1.8% to close at $70.90. Brent traded up $1.37 or 1.8% to close at $76.69