Oil Rises to $100 for First Time Since May After Stimulus
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Oil rose to $100 a barrel in New York for the first time since May as the Federal Reserve pledged further economic stimulus, while unrest in the Middle East and North Africa fanned concern that supplies will be threatened.
West Texas Intermediate advanced as much as 2.2 percent to $100.42 a barrel, having last risen above $100 in intraday trading on May 4. The Fed announced additional purchases of mortgage debt yesterday in a third round of so-called quantitative easing, following the European Central Bank’s bond-buying announcement on Sept. 6. Tensions in the Middle East escalated this week after protestors in Libya, Egypt and Yemen demonstrated against a video considered insulting to Islam.