US crude futures up by more than $1/bbl on US Fed stimulus

14 September 2012 06:27  [Source: ICIS news]

SINGAPORE (ICIS)--US crude futures rose by more than $1/bbl on Friday, driven by speculation that the US Federal Reserve’s latest stimulus measures for boosting the economy will drive up oil demand.

Oil prices rose after the Fed on Thursday decided to commit to a third round of quantitative easing through the purchase of $40bn (€30.8bn) of mortgage debt a month for between 2-3 years, or as economic conditions warrant, according to the Commonwealth Bank of Australia in a daily note.

At 04:57 GMT, October NYMEX light sweet crude futures (WTI) were trading at $99.46/bbl, up by $1.15/bbl from the previous close.

November Brent crude on London’s ICE futures exchange was trading at $116.72/bbl, up by 84 cents/bbl from the previous close.

($1 = €0.77)

By: Nurluqman Suratman

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