Gasoline maintained gains after the Federal Reserve announced plans to cut its monthly bond purchases to $75 billion from $85 billion.
Futures rose as much as 2 percent. The Fed statement was released at 2 p.m. in Washington. The Federal Reserve Open Market Committee took the first step toward unwinding the unprecedented stimulus that Chairman Ben S. Bernanke put in place to help the economy recover from the worst recession since the 1930s.
Gasoline for January delivery rose 4.26 cents, or 1.6 percent, to $2.6898 at 2:08 p.m. on the New York Mercantile Exchange. The price was $2.688 before the announcement.
Fed Chairman Ben S. Bernanke is scheduled to speak at 2:30 p.m. Vice Chairman Janet Yellen, awaiting Senate confirmation this week to replace Bernanke, has supported the central bank’s policy of bond buying to stimulate the economy.
Ultra low sulfur diesel for January delivery gained 4.51 cents, or 1.5 percent, to $3.008 a gallon. The price was $3.0086 before the announcement.
To contact the reporter on this story: Barbara Powell in Houston at firstname.lastname@example.org
To contact the editor responsible for this story: Dan Stets at email@example.com