Oil Gains on Speculation US Rates Near Zero to Boost Fuel Use - BusinessWeek

Jan. 26 (Bloomberg) -- Oil rose for a second day in New York on speculation that Federal Reserve plans to keep U.S. interest rates near a record-low will bolster economic growth and stoke fuel demand in the world’s biggest crude consumer.

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Futures advanced as much as 0.9 percent to trade above $100 a barrel and extend yesterday’s 0.5 percent gain. The Federal Open Market Committee said it expects its benchmark interest rate to stay at “exceptionally low levels” at least through late 2014. U.S. fuel consumption climbed 7.5 percent to 19.2 million barrels a day in the week ended Jan. 20, the largest increase since Nov. 4, Energy Department data showed. Crude for March delivery rose as much as 84 cents to $100.24 a barrel on the New York Mercantile Exchange and was at $99.82 at 3:56 p.m. Singapore time. The contract closed 45 cents higher at $99.40 yesterday. Prices are up 14 percent in the past year.

Oil Gains on Speculation US Rates Near Zero to Boost Fuel Use - BusinessWeek