Oil Rises to Four-Month High on Stimulus, Middle East
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Oil rose to the highest level in four months on speculation that economic stimulus in the U.S. will boost fuel demand. Concern that unrest in the Middle East and North Africa will disrupt supplies also buoyed prices.
Futures advanced as much as 1.4 percent, erasing their decline for the year. The Fed said yesterday it will make open-ended purchases of $40 billion a month of mortgage debt to boost the economy. Protesters attempted to storm the U.S. embassy in Yemen and demonstrators marched in Egypt and Iran against a film seen as insulting to Islam. Iran is raising tension by expanding its nuclear program, according to Robert Wood, the U.S. envoy to the International Atomic Energy Agency.