Oil Climbs to Highest in Six Months on Fed Stimulus Optimism
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Oil rose to a six-month high in New York after the Federal Reserve said it will expand record measures to spur the economy in the U.S., the world’s biggest crude consumer.
Prices climbed for a fourth day, the longest rising streak since September, as the Fed’s measures weakened the dollar and boosted investor demand for commodities. The central bank yesterday said it will buy an additional $600 billion of Treasuries through June. U.S. gasoline stockpiles fell last week to the lowest in almost a year, according to government data.