Oil Trades Near Four-Month High as Fed Keeps Asset Buying
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Oil traded near the highest price in more than four months in New York as the Federal Reserve maintained an asset-purchase program to boost the economy of the world’s largest crude-consuming nation.
West Texas Intermediate was little changed, heading for the biggest monthly gain since August. The Fed will keep buying securities at a rate of $85 billion a month, the Federal Open Market Committee said after a two-day meeting. German unemployment unexpectedly declined in January for the first time in 10 months, adding to signs that Europe’s largest economy is gathering pace. Oil gained a third day yesterday even after data showed U.S. crude stockpiles rose twice as much forecast.