Oil Rises on QE3 Anticipation

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.