Crude skyrockets above $87 as Fed maintain cash tide
Crude traded above $87 per barrel today jumping to its highest levels recorded since May, following the Federal Reserve's plan in purchasing $600 billion in order to stimulate the second largest energy consumer's economy. The move supported optimism across the market dampening the dollar and uplifting commodities and equities supporting crude's rally. Crude today hovers around $87 per barrel recording its highest around $87.19 and lowest around $86.45, while it currently is trading around $86.66 per barrel. The Fed's announcement on Wednesday regarding purchasing Treasuries to boost the US economy continues to cause a wave of liquidity heading into stock and commodity markets, causing prices to spike and greenback's continued plummet. Crude yesterday traded around $85 per barrel recording its highest around $86.80 and lowest around $84.91 per barrel, closing around $86.65 per barrel. Oil rose yesterday as the dollar dropped further due to the Fed's decision, alongside the drop in gasoline and distillates inventories in the EIA report on Wednesday. As for NYMEX as of 04:51 EST; motor gasoline fell 0.09% recording $217.510 per gallon; heating is trading around $237.350 per gallon adding $0.02; whereas natural gasoline shed $0.08 to record $3.853. In London, Brent futures declined $0.01 to record $87.990.