Oil Prices Up On Hope Of U.S. Fed Reserve Action

Crude prices rose above $98 per barrel Thursday, with oil markets being driven by hopes that the Federal Reserve is leaning toward action to help the U.S. economy's stalled recovery.

Benchmark crude for October delivery rose 77 cents in midday Bangkok time to $98.03 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 42 cents to finish at $97.26 per barrel in New York on Wednesday.

Brent crude rose $1.01 to $115.92 on the ICE Futures exchange in London.

Minutes from the Fed's July meeting suggested its members were prepared to take new steps to boost the U.S. economy.

The minutes show that Fed officials spoke with increased urgency about the need to provide more help to the economy unless it improved significantly. But there were no specific details about what steps might be taken or when.

Source: http://freeinternetpress.com/story/Oil-Prices-Up-On-Hope-Of-US-Fed-Reserve-Action-35761.html

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