Oil Breaks $100 After Fed Vows Action on Economy
Oil is rising for a second day on the back of the Federal Reserve’s aggressive plan to boost the U.S. economy. At one point oil topped $100 per barrel for the first time since May.
Traders on Friday also kept a close eye on unfolding unrest in the oil-rich Middle East.
The Fed on Wednesday unveiled an open-ended program to buy bonds and pledged to keep interest rates low into 2015. The goal is to boost the sluggish economy and get businesses hiring at a more robust pace.
Benchmark oil rose $1.42 to $99.73 per barrel in morning trading in New York. Brent crude gained $1.70 to $117.58 in London.
At the pump, the average price for a gallon of gas was flat at $3.87.