Conjecture about central banks' intentions to spur economic growth helped drive up the price of crude oil futures on Wednesday as the energy commodity registered a second consecutive day of gains, according to Bloomberg.
Janet Yellen, vice chair of the U.S. Federal Reserve, said on Wednesday the institution she serves is likely to keep interest rates low and noted the present is ripe for monetary policy enhancements. The governor of the Bank of Japan said on Thursday it will employ a strong monetary easing program to stave off dangers caused by deflation.
"Stimulus plans may be on the table again and that's certainly supportive for commodities," director Tom Bentz with BNP Paribas Prime Brokerage in New York told Bloomberg. "We are moving in tandem with stocks."
At 12:58 p.m. on Thursday, crude oil futures gained 0.89 percent, a $1.07 lift to $121.25 per barrel.
The monthly oil report issued by the International Energy Agency noted global supplies of the energy commodity gained in the first quarter of the year, according to Dow Jones Newswires.