NEW YORK — Oil prices have come off their earlier highs after the Federal Reserve's decision to cut a key interest rate by three-quarters of a percentage point.

Many investors were expecting a larger, one percentage point cut. Lower rates weaken the dollar, and a weak dollar makes commodities like oil more attractive. So investors see this slightly smaller than expected cut as less bullish for oil prices.

In afternoon trading, light, sweet crude for April delivery is up $1.49 at $107.17 on the New York Mercantile Exchange. That's about 70 cents lower than where futures were trading just before the Fed announcement.