Oil Rises to Four-Month High on Fed Stimulus Measures
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Oil climbed to the highest level in more than four months as the Federal Reserve’s plan to buy mortgage securities boosted demand for commodities and stocks.
Futures rose above $100 after the Fed said yesterday that it would make additional purchases of debt in a third round of so-called quantitative easing. The move followed a European Central Bank bond-buying announcement on Sept. 6. Crude also gained on concern that protests in the Middle East and North Africa will disrupt shipments.