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Oil Prices Up On Fed Hopes
08/25/2011

  Oil prices staged a small rally Wednesday on speculation of further monetary easing by the Federal Reserve and a decline in crude stockpiles. Brent crude oil for November delivery was rising 68 cents to $109.55 a barrel and West Texas Intermediate (WTI) crude for October delivery was adding 70 cents to $86.14.

The Department of Energy on Wednesday reported that crude oil inventories declined 2.2 million barrels for the week ended Aug. 19 and the American Petroleum Institute (API) on Tuesday evening said that crude inventories had declined 3.3 million barrels in that period. This, coupled with anticipation that Federal Reserve chairman Ben Bernanke could announce additional stimulus measures during his speech this Friday at the Fed's annual symposium in Jackson Hole, Wyo., unleashed oil price potential to the upside. Also providing some additional mileage for oil prices was Shell's(RDS.A) declaration of force majeure on its Nigerian Bonny Light exports until October, following recurrent attacks on its pipelines in Nigeria.

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