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Crude Rises in New York After Fed, Other Central Banks Reduce Swap Rates

November 30 2011, 09:48

FMX|Connect- WWW.FMXConnect.com (Reported on 11/30/2011)

Crude Rises in New York After Fed, Other Central Banks Reduce Swap Rates

Source: Bloomberg

Oil rose to the highest in almost two weeks after the U.S. Federal Reserve cut the cost of emergency dollar funding for European banks as part of a coordinated response to the continent’s sovereign-debt crisis.

West Texas Intermediate crude jumped as much as 1.9 percent after the Fed said in a statement that the joint action with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank was undertaken to ease strains on financial markets and help foster economic activity. The dollar index declined 0.7 percent. To read the full article, Click Here.

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