Oil Rises as Fed Commits to Low Rates, Durable Goods Orders Gain
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Oil rose after the Federal Reserve announced it plans to keep U.S. interest rates near a record low through 2014 and a report showed durable goods orders in the world’s biggest crude-consuming country increased.
Futures advanced 0.3 percent as Fed Chairman Ben S. Bernanke said yesterday that policy makers are considering more bond purchases to boost growth after extending the pledge to maintain interest rates. Bookings for goods meant to last at least three years climbed 3 percent in December, data from the Commerce Department showed today.