As a result of U.S. Federal Reserve chair Ben Bernanke noting the central bank will preserve the record-low interest rates to hasten the pace of the economic recovery, 60 percent of analysts polled by Bloomberg said oil futures will increase next week. Of 35 analysts, 21 endorsed the rise, nine projected decreases and five said little-to-no change will transpire.
"The dollar is clearly expendable under the Fed's easing regime," John Kilduff, a partner at energy-focused hedge fund Again Capital of New York, told the news service. "It's likely further declines will advance oil and commodity prices in the coming week."
At 8:45 a.m., Brent crude oil futures climbed 0.40 percent, a 0.50 cent gain to $125.52 per barrel.
Thus far this year, oil futures have hurtled forward 24 percent. Joining the debilitating dollar in pushing up the energy commodity‘s price were anti-government protests in the oil-rich Middle East and North Africa.
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