West Texas Intermediate climbed to the highest level in a week after the Federal Reserve said it will maintain monthly bond purchases to stimulate economic growth in the U.S., the world’s biggest oil consumer.
Futures advanced as much as 0.9 percent after rising the most in more than three weeks yesterday. The Federal Open Market Committee said it will continue buying $85 billion in securities each month. U.S. crude stockpiles fell to the lowest level since March 2012, and inventories at Cushing, Oklahoma, the delivery point for WTI contracts, dropped for an 11th week, according to a government report yesterday.
via Bloomberg
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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