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Oil rose after the Federal Reserve announced it plans to keep U.S. interest rates near a record low through 2014 and a report showed durable goods orders in the world’s biggest crude-consuming country increased.
Futures advanced above $100 a barrel as Fed Chairman Ben S. Bernanke said yesterday that policy makers are considering more bond purchases to boost growth after extending the pledge to maintain interest rates. Bookings for goods meant to last at least three years climbed 3 percent in December, data from the Commerce Department showed today.
The Federal Open Market Committee had previously said the benchmark rate would stay low through mid-2013. Fed officials also lowered their projections for economic expansion and inflation for this year and next.
Crude oil for March delivery rose to $101.59 a barrel on the New York Mercantile Exchange. Brent oil for March settlement climbed $1.53, or 1.4 percent, to $111.34 a barrel on the ICE Futures Europe exchange in London.
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