26 Jan '11, 9pm

Oil prices gain as Fed Reserve sticks to stimulus path

NEW YORK: Oil prices rebounded in New York on Wednesday after six straight drops as the US central bank announced that it would keep interest rates low and continue bond purchases to help the economy. A barrel of light, sweet crude for March delivery finished at $87.33, $1.14 higher than Tuesday's close. In London, a barrel of North Sea Brent crude rose $2.66 to settle at $97.91. The price rises came as the Federal Reserve's policy-setting Federal Open Market Committee decided to hold its key interest rate at zero to 0.25 percent, citing the continued softness of the US economic recovery. The FOMC also reiterated commitment to its "quantitative easing" programme which is putting billions of dollars into the economy through purchases of government bonds to stimulate further growth. Traders in London and New York shrugged off an earlier US government report on Wednesday that...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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