Oil Prices Higher From Bernanke's Comments
Jul-20-2012

Brent crude oil rose on Wednesday, up for a sixth session, with bloodshed in Syria highlighting worries about Middle East supplies while positive comments on the economy from the U.S. Federal Reserve's Chairman Ben Bernanke added to the lift.
Brent crude was up 91 cents to $104.91 a barrel by 1527 GMT, after hitting a high of $105.41. U.S. oil rose 41 cents to $89.63 a barrel.
"There was not much cause for the drop yesterday due to Bernanke's statements and it is equally unexplained the sharp rise on his comments today," said Christopher Bellew at Jefferies Bache in London.
"Crude has broken above yesterday's high. China's softening growth is also not as hard a landing as people thought."
Investors were anxious about prospects for the U.S. economy, Bernanke in his testimony to the Senate Banking Committee said the Fed stood ready to offer more stimulus as needed but stopped short of signaling action in the near term.
But Bernanke's statements on Wednesday, during a question and answer session of a House Financial Services Committee, have temporarily assuaged investor concerns on the economic health of the world's largest crude buyer.

Click the link below for the rest of the article!

Visit Website

Posted by Ken at 4:50 AM - Link to this entry  |  Share this entry  |  Print