Brent crude rises above $117 on Fed stimulus
(Reuters) – Brent crude rose for the seventh straight session on Friday, climbing above $117 a barrel on hopes for stronger global demand for oil after the U.S. Federal Reserve launched an aggressive program to stimulate the economy.
Brent rose $1.47 to $117.35 a barrel by 8:06 a.m. EDT (1206 GMT), after reaching a four-month peak of $117.95 in earlier trade. The global North Sea benchmark is on track to end the week up more than 2 percent.
U.S. crude rose $1.47 to $99.78 a barrel after hitting a four-month high of $100.42. It is set to close the week up 3 percent.
“The Fed will be indirectly adding more liquidity into the asset markets and that money will need to go somewhere and part of it will go into commodities, even if current commodity prices are already at demand destruction levels,” said Olivier Jakob, at Petromatrix in Zug, Switzerland.