Crude oil rose to near 50 dollars a barrel for the first time in more than 2 months, after the U.S. FED announced plans to spend 1 trillion dollars buying back long term debt.
The Fed is seeking to purchase U.S. Treasuries, mortgage- backed bonds and other debt, raising optimism that moves to end the global recession will increase fuel demand. The dollar traded near a two-month low against the euro, prompting investors to purchase oil as a hedge against inflation.
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