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Fed plan rallies oil prices

11/15/2010
by Sam Fletcher, Senior WriterThe December crude contract climbed 0.9% Nov. 3 in the New York Mercantile Exchange when Federal Reserve Chairman Ben Bernanke announced plans to buy $600 billion of Treasuries over the next 8 months to stimulate the US economy, triggering a sharp drop in the US dollar.On Nov. 4, the crude price jumped 2.1% to the highest level since Apr. 6. On Nov. 5, it inched up 36¢ to $86.85/bbl, hitting a 2-year intraday high of $87.43/bbl in the process, primarily in reaction to the Fed proposal. "Apparently, the market needed some time to make up its mind," said analysts in the Houston office of Raymond James & Associates Inc. The broader market shot...
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