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Commodities Briefing - Categorized | Market Moves, Oil more

Oil bulls bank on Fed to fuel rally: Survey

Posted on 18 March 2013

Benchmark oil prices are likely to extend gains this week on expectations that the U.S. Federal Reserve will restate its commitment to its asset purchase program and maintain its ultra-low rates policy at a two-day meeting starting on Tuesday, according to CNBC’s weekly oil market sentiment survey.
Nine out of 15 respondents, or 60 percent, forecast prices will rise, building on last week’s 1.6 percent gain in U.S. crude futures. April delivery crude rose 42 cents to settle at $93.45 a barrel on Friday, the highest settlement since Feb. 20. Brent crude for May delivery gained 86 cents, or 0.8 percent, to close at $109.82 a barrel on the London-based ICE Futures Europe exchange on Friday………………………………………..Full Article: Source


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