Crude ends higher on hopes of more Fed stimulus
Brent crude oil rose more than $1 per barrel on Thursday, and U.S. crude pared sharp losses on signs the U.S. Federal Reserve will keep stimulus measures in place.
Markets across the globe got a boost from confirmation by incoming Federal Reserve chief Janet Yellen that the U.S. central bank's loose monetary policy was here to stay.
International benchmark Brent crude found additional support amid concerns disruptions from Libya could tighten global oil markets.
Brent for December delivery rose by more than 1 percent to end at $108.54 per barrel, up $1.42. The contract closed $1.31 higher on Wednesday, supported by Libyan supply outages. It is up 2.2 percent this week, on track for its biggest such gain since late August.
U.S. crude cut much of the session's losses, settling down 12 cents at $93.76 per barrel, after settling up 84 cents on Wednesday.
The U.S. Energy Information Administration (EIA) reported crude oil inventories in the world's largest oil consumer rose by 2.6 million barrels, far more than the 1 million barrels predicted by analysts. Stocks at the Cushing, Oklahoma storage hub, delivery point for the U.S. crude oil contract, rose by 1.7 million barrels.
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