Oil prices surge as Fed stays cautious on rates

World oil prices jumped Wednesday as a cautious Federal Reserve statement offset data showing a big increase in US crude inventories. Crude prices surged after the Fed's 1800 GMT statement, which noted that US economic growth had "moderated somewhat" since January. The Fed dropped a pledge to remain "patient" on raising interest rates, signaling a midyear federal funds rate hike remained possible after keeping it at the zero level for more than six years.