Today’s Brent price steady as dollar drops on Federal Reserve stimulus hopes

Brent crude rose to a three-month high today amid expectations that the US Federal Reserve will continue with its stimulus programme for the time being, a sharp plummet in oil inventories also boosted US prices.
Brent rose 13 cents to $108.64 a barrel, while US crude rose 66 cents at $107.18 a barrel, reported Reuters.
US Federal Reserve chief Ben Bernanke's announcement that the central bank will carry on with its accommodative monetary policy programme not only led to a drop in the dollar, but also boosted commodities priced in the greenback.
The Energy Information Administration (EIA) has released its data, which showed that US oil stocks slipped by around ten million barrels for a second consecutive week, while refinery demand peaked to a six-year high.
The Organization of the Petroleum Exporting Countries (OPEC) anticipates a robust economy to support global oil demand by one million barrels per day in 2014, which would be the highest growth since 2010.
Image: Brent price was steady due to a fall in the dollar, following the US Federal Reserve's assurance to continue with its stimulus programme. Photo: courtesy of AgnosticPreachersKid.


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