Economics
Oil Trades Near Week High on Fed as IEA Boosts Demand Forecast
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Oil traded near the highest level in a week in New York after the Federal Reserve announced new measures to bolster the U.S. economy and the International Energy Agency increased its demand forecast.
Futures were little changed after climbing the most in two weeks yesterday. The Fed plans to buy $45 billion a month in Treasury securities to boost economic growth in the world’s biggest crude user. The IEA raised oil-consumption estimates for the fourth quarter and 2013 on signs of a rebound in China. OPEC kept its production target unchanged for a second time this year as members judged prices to be sufficiently high.