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Oil rose to four-month high on concern that protests in the Middle East and North Africa could increase demand and on speculation the Federal Reserve will resort to additional measures to stimulate the economy.
Futures rose 1.6% after the protesters tried to storm the U.S. Embassy in Sana'a, Yemen. In this regard, Yemeni police cordoned off the area near the embassy to prevent access there. We also recall that on September 11, was killed the American ambassador to Libya, Chris Stevens, along with his three colleagues. Also on that day were reported clashes near the embassy in Cairo.
We also learned about the demonstrations in Egypt and Iran against the film, which is regarded as offensive to Islam. At least 16 people were injured and 24 arrested.
As market participants expect the decisions of the Federal Open Market Committee, which may announce a third round of bond purchases, known as quantitative easing today and extend its zero interest rate policy until 2015.
October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 97.97 per barrel.
October futures price of North Sea Brent crude oil mix is now $ 116.54 a barrel on the ICE Futures Europe Exchange.
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