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Oil rises on Fed stimulus plan
Source: Agencies |
December 13, 2012, Thursday
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Online Edition
Online Edition
OIL traders got what they wanted yesterday: another big move by the Federal Reserve to stimulate the slow-growing US economy.
The Fed said it will spend US$85 billion a month to sustain an aggressive drive to keep long-term interest rates low. It also plans to keep a key short-term rate near zero until unemployment drops below 6.5 percent.
Stimulus measures generally weaken the dollar, which tends to direct more investors into buying commodities.
Benchmark crude gained 98 cents to close at US$86.77 a barrel in New York. It rose as high as US$87.68 after the Fed's announcement.
Before the Fed statement was released yesterday afternoon, oil was only moderately higher, with gains dampened by a big increase in the nation's gasoline supply. The government said gasoline supplies jumped by 5 million barrels last week, twice as much as analysts. That's a sign of weak demand.
Brent crude, used to price international varieties of oil, rose US$1.33 to US$108.02 per barrel on the ICE Futures exchange in London.
Other energy futures on the New York Mercantile Exchange:
- Heating oil rose 4 cents to US$2.967 a gallon
- Natural gas fell 3 cents to US$3.382 per 1,000 cubic feet.
- Wholesale gasoline rose 3.6 cents to US$2.647 a gallon.
The Fed said it will spend US$85 billion a month to sustain an aggressive drive to keep long-term interest rates low. It also plans to keep a key short-term rate near zero until unemployment drops below 6.5 percent.
Stimulus measures generally weaken the dollar, which tends to direct more investors into buying commodities.
Benchmark crude gained 98 cents to close at US$86.77 a barrel in New York. It rose as high as US$87.68 after the Fed's announcement.
Before the Fed statement was released yesterday afternoon, oil was only moderately higher, with gains dampened by a big increase in the nation's gasoline supply. The government said gasoline supplies jumped by 5 million barrels last week, twice as much as analysts. That's a sign of weak demand.
Brent crude, used to price international varieties of oil, rose US$1.33 to US$108.02 per barrel on the ICE Futures exchange in London.
Other energy futures on the New York Mercantile Exchange:
- Heating oil rose 4 cents to US$2.967 a gallon
- Natural gas fell 3 cents to US$3.382 per 1,000 cubic feet.
- Wholesale gasoline rose 3.6 cents to US$2.647 a gallon.
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