Data provided by McGregor BFA
All data is delayed
Loading...
See More

Oil up on expectations of US stimulus

Dec 11 2012 07:48 AFP
Oil barrel

Oil barrel (Picture: Shutterstock )

Related Articles

Oil prices rebound on bargain hunting

Oil prices down in Asian trade

Oil prices up in Asia

Oil falls on US data, fiscal cliff woes

Oil rises towards $112 on growth revival

Oil up on China manufacturing data

 

Singapore - Oil prices rose in Asian trade on Tuesday on expectations of fresh stimulus measures from the Federal Reserve to perk up the struggling US economy, analysts said.

New York's main contract, light sweet crude for delivery in January delivery gained eight cents to $85.64 a barrel in the afternoon and Brent North Sea crude for January advanced a cent to $107.34.

The US central bank's policy-setting Federal Open Market Committee (FOMC) is expected to announce new measures to stimulate the economy at the end of a two-day meeting that starts late Tuesday.

"Tonight the Fed begins a two-day love-in, which could see the announcement of more bond-buying ... which could give markets another leg up this month," a report by IG Markets said.

Stubborn high unemployment in the world's largest economy and oil consumer as well as the looming fiscal cliff give the FOMC every reason to expand its stimulus efforts, analysts said.

Traders are keeping an eye on what the Fed will do as the end approaches of its "Operation Twist" of selling short-term debt to buy longer-term debt.

There are signs policymakers will replace it with more outright bond purchases, or "quantitative easing", aimed at lowering interest rates to encourage businesses to invest and hire.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

commodities  |  markets  |  oil
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Zuma: Pray for peaceful polls

President Jacob Zuma has asked members of the Universal Church of the Kingdom of God to pray for peaceful elections on 7 May.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...