04 November 2010 09:33 [Source: ICIS news]
SINGAPORE (ICIS)--Crude futures rose more than $1/bbl on Thursday to new six-month highs as the US dollar weakened and equity markets soared following an announcement from the US Federal Reserve of new monetary stimulus measures.
At 08:49 GMT, December Brent on ?xml:namespace>
December NYMEX light-sweet crude futures were trading at $85.87/bbl, up $1.18/bbl. Earlier, the
Crude rose after the US Federal Reserve revealed plans to pump some $600bn into the
The move is an attempt to boost the flagging
The Fed’s action served to drive down the US dollar against other leading currencies, which made dollar-denominated commodities such as crude more attractive to investors.
Equity markets were buoyed by the Fed news, with the Nikkei 225 Index in
Crude prices were also supported by larger-than-expected falls in
However, this was tempered by a larger-than-expected rise in crude stocks of some 2m bbl.
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