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Oil increased for the fifth consecutive day on speculation the Federal Reserve will announce further measures to stimulate the economy, which will increase the demand for fuel.
Crude oil futures show the longest string of days of growth from July in anticipation of the Fed's two-day meeting, which begins tomorrow, and on which politicians can declare the purchase of assets or other plans for stimulating the economy.
The cost of oil also rose by a weaker dollar, which fell after the rating agency Investors Service Moody said it may lower the credit rating of the United States from Aaa to Aa1, if no measures are taken to reduce the level of U.S. debt.
Also worth noting is that the strengthening of the euro against the dollar increases the appeal of oil as an investment alternative.
Recall also that the agency Standard & Poor downgraded the U.S. August 5, 2011, and stated that the political and financial risks can lead to other slides. At the same time, Fitch Ratings affirmed the country's rating at AAA, but has expressed a negative outlook.
Oil also rose as market participants expect output report on levels of oil reserves, which may show inventory reduction last week to the lowest level since March, as more than a third of the oil platforms in the Gulf of Mexico remained shut down in 10 days after Hurricane Isaac. It is predicted that stocks fell 2.75 million barrels to 354.3 million level during the seven days that ended on September 7. Official data tomorrow will provide the Ministry of Energy.
October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $97,11 per barrel.
October futures price of North Sea Brent crude oil mix is now $114,84 a barrel on the ICE Futures Europe Exchange.
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