Futures Market News
Crude oil futures climb from Fed chief speech
Mar 26, 2012 12:39 PM
Ben Bernanke, addressing the National Association for Business Economics, said further strategies of monetary intervention are a possibility and will be helpful to reduce joblessness in the U.S. The energy commodity gained back Monday's earlier 0.06 percent losses, which had been due to concerns about the sovereign debt crisis tempering development and growth.
"The reaction of the market to the Bernanke comments is mystifying," chief market strategist Bill O'Grady with Confluence Investment Management in St. Louis told Bloomberg. "There's absolutely nothing in the speech that we haven't heard before. Bernanke has made it abundantly clear over the last six months that he'll keep interest rates near zero to help reduce unemployment."
At 11:57 a.m. on Monday, crude oil futures gained 0.31 percent, a 39-cent lift to $125.52 per barrel.
Reuters reports Bernanke's commentary also helped confirm that interest rates will remain low and that questions regarding Iran and its nuclear program also drove oil prices higher.
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