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Commodity Daily News
Crude Oil Trades at 6 Month High
Thursday, 4 Nov 2010
Crude oil prices settled at a six-month high Wednesday, extending its rally after the U.S. Federal Reserve announced it would spend an additional $600 billion in bond purchases to support the economy. Oil prices were already higher after a government report delivered no surprises on the inventories front and the day's round of macroeconomic data painted a brighter picture of the U.S. economy. These gains came despite a firmer U.S. dollar.
Oil has advanced almost 3 percent this week as investors bet that record stimulus, aimed at reducing unemployment and averting deflation will weaken the dollar.
