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Central bank hopes stimulate oil price

Published: 16:18 29 Apr 2013 BST

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Both West Texas Intermediate (WTI) crude and Brent Crude were up on Monday on hopes that central banks will stick with their stimulus programmes.

WTI oil for June delivery climbed 69 cents to US$93.69 a barrel by mid-morning on the New York Mercantile Exchange, while Brent was up 64 cents to US$103.80.

Traders are pinning their hopes on the European Central Bank cutting interest rates on Thursday and on the Federal Reserve committing to its love affair with quantitative easing the day before.

It is hoped that stimulus will create demand, which in turn will keep pushing the oil price up.

Also helping push oil up were stronger than expected consumer spending figures.

Household purchases climbed 0.2% in March after a 0.7% rise the previous month, according to the US Commerce Department.

Extra support came from a weakening dollar, which makes it cheaper for those holding other currencies to buy oil.

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