Oil Rises on QE3 Anticipation

- September 10th, 2012

Reuters reported that anticipation that the US Federal Reserve will stimulate the economy by introducing a third round of quantitative easing brought oil prices up despite bearish Chinese oil and industrial growth statistics.

Reuters reported that anticipation that the US Federal Reserve will stimulate the economy by introducing a third round of quantitative easing brought oil prices up despite bearish Chinese oil and industrial growth statistics.

As quoted in the market news:

Brent October crude rose 56 cents to settle at $114.81 a barrel, having traded from $113.92 to $115.05.

The Brent October contract expires on Thursday.

U.S. October crude edged up 12 cents to settle at $96.54 a barrel, after slumping more than a $1 to $95.34. The session peak of $96.63 was 2 cents above the $96.61 200-day moving average, a technical indicator closely watched by traders.

Click here to read the full Reuters report.

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