Oil Reaches 4-Month High

The Federal Reserve’s plan to buy mortgage securities helped push demand for commodities and stocks. Oil was the biggest mover in the past seven days, with futures reaching a new 4-month high. Prices breached the $100 dollar mark after the Fed issued plans to purchase debt in the third attempt of quantitative easing. The Central bank has already bought over $2.3 trillion in bonds between December 2008 and June 2011 to cap off the first two attempts.

Crude oil for October delivery and Brent oil for November delivery both increased by 0.7 percent to $99 a barrel $116.66 a barrel respectively.

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