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Oil prices rise as Federal Reserve meeting starts
Source: Agencies |
December 12, 2012, Wednesday
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OIL moved a little higher as a meeting of the Federal Reserve got under way yesterday.
Benchmark oil rose 23 cents to finish at US$85.79 per barrel in New York. It was the first time crude closed higher after falling for five straight sessions.
The Fed holds a two-day policy meeting and is expected to unveil a new bond-buying program designed to perk up the slowly recovering US economy.
Traders are also watching budget negotiations in Washington. There's little sign that Congress and the White House are near an agreement that would avoid tax increases and spending cuts that economists warn pose the threat of another recession.
Oil also got a boost from a survey that indicated German investors believe Europe's largest economy may escape a recession despite the region's economic struggles.
In other energy futures trading Brent crude, used to price international varieties of oil, rose 68 cents to end at US$108.01 per barrel in London.
On the New York Mercantile Exchange:
- Heating oil rose 3 cents to finish at US$2.93 per gallon.
- Wholesale gasoline rose 1 cent to end at US$2.61 per gallon.
- Natural gas fell 5 cents to finish at US$3.41 per 1,000 cubic feet.
Benchmark oil rose 23 cents to finish at US$85.79 per barrel in New York. It was the first time crude closed higher after falling for five straight sessions.
The Fed holds a two-day policy meeting and is expected to unveil a new bond-buying program designed to perk up the slowly recovering US economy.
Traders are also watching budget negotiations in Washington. There's little sign that Congress and the White House are near an agreement that would avoid tax increases and spending cuts that economists warn pose the threat of another recession.
Oil also got a boost from a survey that indicated German investors believe Europe's largest economy may escape a recession despite the region's economic struggles.
In other energy futures trading Brent crude, used to price international varieties of oil, rose 68 cents to end at US$108.01 per barrel in London.
On the New York Mercantile Exchange:
- Heating oil rose 3 cents to finish at US$2.93 per gallon.
- Wholesale gasoline rose 1 cent to end at US$2.61 per gallon.
- Natural gas fell 5 cents to finish at US$3.41 per 1,000 cubic feet.
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