Crude Oil Trades Near 26-Month High on Bets Fed Will Spur Demand
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Oil traded near its highest in 26 months on speculation the U.S. may extend stimulus measures, bolstering demand in the world’s largest consumer of crude.
Crude rose as much as 0.6 percent today after Federal Reserve Chairman Ben S. Bernanke said the Fed may expand bond purchases beyond the $600 billion announced last month, while in Europe colder weather boosted demand for heating fuel. Hedge funds increased bullish bets on oil by the most in eight weeks on signs that the global economic recovery is gaining pace, data from regulators showed for the week to Nov. 30.